Forex and Bitcoin news for Asia trading Friday 12 October 2018
- Morgan Stanley on the USD, to rally again but not as widely
- China September trade balance, surplus of 213.2 bn yuan
- China's state media calls for stock market support
- IMF warns on slower Asian economic growth due to trade tensions
- FX market risk, shaken, not …. err … averse
- ECB's Weidmann - lower growth rates in world's economy are normalisation
- PBOC sets USD/ CNY reference rate for today at 6.9120(vs. yesterday at 6.9098)
- More on the Singapore central bank tightening monetary policy - second time this year
- Nouriel Roubini on Trump's Fed bashing, in 2020 he will go berserk
- RBA: Trade tensions, China slowdown could trigger global eco downturn
- Australia August Home loans data: -2.1% m/m (expected -1.0%)
- Turkey says has audio, video recording proving Khashoggi killed in Saudi consulate
- JP Morgan on the Federal Reserve - 'doing the right thing'
- Oil traders - Saudi rumours of a weekend meeting of anti MBS groups
- Stephen Roach says the Fed is not hiking fast enough
- New Zealand BusinessNZ Manufacturing PMI for September: 51.7 (prior 52.0)
- Australian GDP growth forecast to slow in coming years (inflation forecast up just a touch)
- Trade ideas thread - Friday 12 October 2018
- US Treasury advise Mnuchin China is not manipulating its currency
Some stability in the Asian time for forex, while equities and FI were not as manic as Thursday.
It was a light news day but did have some data events to watch for, notably from Australia and China.
From Australia we got softer home loan data and the Reserve Bank of Australia's Financial Stability Review. Neither moved the AUD noticeably. In a nutshell the RBA see a positive global backdrop as positive but with risk on trade, especially US/China tensions. Domestically the Bank remains relatively unperturbed by the on the slowdown in housing and the tightening in credit.
China trade balance data (September) hit not too long after, and wow .... what data. Exports surged despite the gathering trade clouds. The trade surplus with the US hit a record. Maybe the US President was busy listening to Kanye songs on his iPhone 'cause we have not yet had any irate tweets in response.
Currencies, as stated above were fairly stable. USD/JPY had managed a 15 or point advance on the session as I update. EUR/USD is up a few points, popping its head above 1.1600. Cable, USD/CHF, AUD/US, USD/CAD are all flat to plus or minus tiny. Even the kiwi is little changed. Gold lost a few dollars.
A subdued session here indeed after the recent gyrations.
Still to come:
