Forex and Bitcoin news for Asia trading Tuesday 11 September 2018
- FT report: Tory Eurosceptics fail to agree on Brexit plan B
- 'Hedge fund managers have turned bullish again towards crude and fuels'
- Some BOJ headlines crossing - could raise buying of ETFs
- 5 key points on the Australian economy & the implications for investors & the AUD
- Japan economy minister Motegi: Still negotiating date for bilateral trade talks
- Australia data: August business confidence 4 (vs. prior of 7)
- Fitch ratings affirm Singapore at 'AAA' and outlook stable
- PBOC sets USD/ CNY reference rate for today at 6.8488 (vs. yesterday at 6.8389)
- JPM: 'vicious circle' now confronts EM FX (stay short AUD, NZD)
- UK warned it could lose £7 billion in corporate VAT receipts after Brexit
- More on the 7 markets at risk of an exchange-rate crisis
- More NZ data: retail sales indications (card spending) in at a big beat
- Goldman Sachs forecasts for EUR/USD and USD/JPY (EUR/JPY longs gonna like this)
- North Korea Kim offer to dismantle nuclear weapons program within 2 years
- TD on the Australian dollar: AUD current discount offers an attractive tactical trade
- Trump administration is considering sanctions on China
- US House Reps release plan for a second round of tax cuts
- Trade ideas thread - Tuesday 11 September 2018
- EU negotiator Barnier's Brexit comments the GBP mover, but fade it says Citi
- NAFTA talks are back on Tuesday
Movements were not large here today but what we did get was favourable for risk with a lower yen and higher currencies.
USD/JPY (and yen crosses) traded up in the Tokyo morning, on little fresh news but a move above US time highs for US/yen. Of course there were some stops to be dealt with above the high but we saw a little bit of follow through, USD/JPY only losing its momentum (on the session) above 111.40.
A few hours later we got EUR, AUD, GBP and others adding a few tics, again little fresh news. Chinese stocks turned positive, as did the CNH. It does seem a better tone for risk is the about the best narrative the market can up with (beyond the obvious more buyers than sellers ;-) ). Supportive of this were headlines on more US tax cuts to come and North Korea cutting back on it nuclear arsenal (see bullets above).
Data wise it was eyes turned to NZ and Australia, with the focus on business confidence (down) and conditions (up) in Australia.
From China today we had a weakening in the onshore yuan, it softening up a little again, likely in response to the noises being made of more trade tariffs to come from the US. As I post there are a few news items about China planning to ease back on output cuts to heavy industry.
Still to come:
- BoE meeting Thursday - here is a preview
- FX options for Wednesday and Thursday expiry
- ECB meeting coming up Thursday - preview
--
11 September will soon be dawning in the US. Lets hope its a better day than the one 17 years ago.
