Forex news for Asia trading Friday 17 July 2020
- Support and resistance levels ahead for EUR/USD
- China state planner says approved 8 fixed-asset investment projects worth 11.4bn yuan in June
- AUD/USD forecasts - upside range break remains central scenario for H2 2020
- Australian state of Victoria records a huge jump in coronavirus cases, +428
- New Zealand Treasury Activity Index (June): -1% y/y (prior -6%)
- PBOC sets USD/ CNY reference rate for today at 7.0043 (vs. yesterday at 6.9913)
- FX option expiries for Friday July 17 at the 10am NY cut
- More speculation the US will blacklist TikTok
- US coronavirus - Texas Governor confirms there is no Texas shut down coming
- China state media says the recent sharp fall in Chinese A-share market is a normal adjustment
- Bank of Japan is drilling into big data for pandemic-driven economic change clues
- Coronavirus - Some easing of lock down in UK city of Leicester foreshadowed
- New Zealand manufacturing PMI for June 56.3 (prior 39.8)
- Oil ICYMI: Global recovery unlikely to be v-shaped, says Shell chief
- Coronavirus - Fauci says an antibody could be ready by fall
- Coronavirus ICYMI - UK chief scientific adviser Vallance urges continued work from home
- Texas coronavirus cases up >10k on Thursday, record deaths in one day
- Goldman Sachs on the upcoming FX market manipulation report - Switzerland (CHF) in focus
- Trade ideas thread - Friday 17 July 2020
- NZD - Fonterra cuts its 2019/20 milk price forecast
- UK and US (Pompeo, Raab call) agreed to work together to develop trusted 5G solutions
There was very little news nor data today to drive currencies and that showed up in subdued trading ranges. Of course we had the usual coronavirus news out of the US, the county recorded its biggest new case number for a day at above 74,000; while counting has only taken into account up to Thursday, the week as a whole is on track to head towards half a million new cases confirmed. As we have all become accustomed to, though, markets shrugged it off. There were no vaccine developments reported, although Anthony Fauci speculated there may be effective developments on that front by the US fall (the season, not the empire).
Currencies traded generally slightly stronger against the USD after the declines during the preceding session. Ranges were small only which suggests the moves are retracement in nature. A positive vaccine headline could change this rapidly, of course.
Note, big EU meeting coming on Friday - as noted earlier:
- a face-to-face summit
- for discussions on a €750bn post-Covid stimulus package
- and also on a seven-year budget worth another €1.07 tn
- meeting to continue on Saturday, may go longer
For the equities folks, Netflix shares fell more than 10% in after-hours trading. The company forecast weaker subscriber growth for the third quarter.
