Forex and Bitcoin news for Asia trading Monday 18 June 2018
- BIS says big cryptocurrencies are more likely to suffer a breakdown in trust, efficiency
- NAB AUD/USD chart technical analysis view - "renewed MT downtrend bias"
- CBA on the Australian dollar this week (NZD too)
- Latest NZ forecasts expect slight downward revision to growth outlook
- Japan May trade balance -578.3bn yen (vs. Y-205.2bn expected)
- More from the UK: BCC cuts its 2018 growth forecast to 1.3% (from 1.4% previously)
- UK data - Rightmove house prices for June +0.4% m/m (prior +0.8% )
- Japan - Earthquake reported in Osaka prefecture
- New Zealand - Services PMI for May: 57.3 (prior 55.9)
- Weekend oil - Iran, Venezuela, Iraq say they'll block proposal to increase oil production
- Asia market holiday today - Hong Kong, China
- Trade ideas thread - Monday 18 June 2018
Gold and silver are the ugly, ICYMI. The precious two fell heavily late last week and didn't get a lot of love at the opening of the new week apart from a small retrace. No fresh news on these, we await Europe and US trade.
AUD/USD , too, had a bad end to the week, closing on its low. It opened here little changed, dipped some but has since steadied to be little changed on the session. 'Risk'/China worries continue to impact especially on the Australian dollar, driven by the Trump / China trade spat , which worsened on Friday. Funds remain seller on rallies.
EUR/USD, NZD/USD, USD/CHF and Cable are all also little net changed.
CAD has gained a few tics against the USD in light trade here today.
Yen fared a little better, with USD/JPY down 30 odd points at one stage. There was an earthquake near Osaka on Monday, which killed two people (the latest as I update). A market response to Japanese earthquakes is often flows into yen, which may account for some of its small show of strength today.
Oil is lower again after its soft Friday. As part of its retaliation against US tariffs China has said it'll impose tariffs on imports of US crude (and other US energy products), which hasn't helped.
HK and China were out on a holiday today.
Still to come:
- ECB speakers scheduled for Monday 18 June 2018, and Fed, BOJ, BoE coming up
- AUD traders - heads up for what to expect from the RBA this week
- Bank of England meet this week - two quick previews
--
Re the title …
OK, so the ugly is easy - gold and silver
- The bad - AUD
- The good? I'm open to suggestions
Some thinking music …
