Forex news for Asia trading Monday 11 May 2020
- BOJ policy opinion summary recap - talk of Great Depression
- Weekend news - The PBOC says it will use “more powerful” policies to help growth
- Coronavirus - Wuhan reports 5 five new COVID-19 cases, the highest since March 11
- PBOC sets USD/ CNY reference rate for today at 7.0769 (vs. Friday at 7.0788)
- FX option expiries for Monday May 11 at the 10am NY cut
- Saudi Arabia will raise its consumption tax from 5 to 15%
- New Zealand preliminary business survey (May) Business Confidence -45.6 (prior -66.6)
- The two substantial reasons the US dollar will soon fall
- Hong Kong man infected with a rat strain of hepatitis E in April
- South Korea first 10 days of May export figures down 46% y/y
- Bank of Japan Summary: High downside risks for prospects of economic recovery
- Bitcoin weekend update (downdate?)
- Trump: "China and the horrible Virus pandemic that was inflicted upon America"
- US - Two joint chiefs members missed Saturday Trump meeting due to coronavirus concern
- Reports of an Iranian navy war ship firing at one of its own - 40 dead or missing
- US VP Pence will not be self-isolating despite staffer testing positive for COVID-19
- New Zealand - Retail Card Spending for April - 47.5% m/m (anyone surprised?)
- Australia might face big problems if it continues to take unfriendly action against China
- EU could open legal case against Germany over ECB bond-purchases ruling
- AUD - China expected to announce tariffs on some Australian agriculture products
- Australia - CBA says its seeing a solid pick up in household spending from the lows
- UK government to extend its wages subsidy support measures to September
- More from the UK - to quarantine air passengers for 14 days (except from France)
- Trade ideas thread - Monday 11 May 2020
- White House, Congress in new talks about even more coronavirus economic relief measures
- UK PM Johnson has eased coronavirus lockdown restrictions
- Monday morning open levels - indicative forex prices - 11 May 2020
Weekend:
- News matters more than ever: 8 ways to use it to get an edge in FX
- Swiss National Bank Chair Jordan says Bank is making a "substantial commitment" to FX CHF intervention
- EU - UK Brexit trade talks to begin again on Monday - here is the full agenda
- HK press with more on that US-China Phase 1 trade deal phone link-up
- Elon Musk says Tesla will move its HQ, future programs out of California immediately
- Paul Tudor Jones is one of the great macro traders of all time but he's 'a slave to the tape'
There was plenty of news about over the weekend and during the session to open the week here in Asia. Forex movement, though, was not large.
Data from NZ showed a small improvement in business confidence and activity from the previous month , but at still abysmal levels. The NZD had a good rise for the day but has since retraced much of the upmove. The Australian dollar, too, traded higher and has not pulled back as much as the kiwi $. EUR and GBP are also improved net for the session.
The slight winding back of fear that allowed currencies to gain also saw the yen lose ground with USD/JPY toward 107 but giving back some its session rise as I update. The CHF gained against the USD as did CAD. Gold is up a few dollars also.
There was news out of the middle east, an Iranian naval ship fired a missile at … another Iranian ship, in what appears to be a mistake. Reports are sketchy. Oil is mid-range of its session as I post.
Ahead:
- Australian survey on business confidence and conditions is due Tuesday - preview (and AUD impact)
- RBNZ monetary policy meeting this week - more QE expected - preview
- WSJ says the Federal Reserve is unlikely to consider negative interest rates
- Federal Reserve Chair Powell will speak this week - to push back on negative interest rates
BTC weekend:
