Forex news for Asia trading Monday 18 November 2019
- China is building up its ‘shadow reserves’ to counter its reliance on the US dollar
- Weekend: US to extend reprieve for Huawei
- The PBOC has cut the 7 day reverse repo rate to 2.5% (from 2.55%)
- PBOC sets USD/ CNY reference rate for today at 7.0037 (vs. Friday at 7.0091 )
- Singapore trade data for October, big miss for exports (NODX)
- UK data - Rightmove house prices for November -1.3% m/m (prior 0.6%)
- A UK election poll: Cons on 42%, Lab on 28%
- ICYM - Bridgewater’s Ray Dalio warns of a capital war between the US and China
- FT reports that the EU may give the derivatives industry and extension on Brexit
- Brexit - UK PM Boris Johnson business tax breaks worth £1bn
- The US and South Korea have postponed military exercises to entice North Korea back to negotiations
- Reports out of Hong Kong - university entrance engulfed in flames, petrol bombs thrown
- New Zealand data - services PMI for October rises to 55.4 from September's 54.4
- Trade ideas thread - Monday 18 November 2019
- ICYMI - Sweden’s central bank has sold some bonds from Australia, Canada due to climate concerns
- Australia's human rights partnership with China has been suspended
- UK's Raab: not “remotely likely” that UK would Brexit without FTA Brexit at the end of a transition period
- San Francisco Federal Reserve Bank President Mary Daly spoke on Saturday.
- US President Trump says US farmers will receive another round of cash subsidies
- Video: A look at what's coming up in the week ahead
- US and China negotiators had 'constructive discussions' on Saturday
- Monday morning open levels - indicative forex prices 18 November 2019
- Everyone is out there pretending like there isn't a looming old-and-broke crisis
- ECB's Muller says central bank could do "even more unconventional things" in slump
There was plenty of weekend news on China / US trade, Brexit, the UK election and more but nevertheless forex movement was limited here to open the week on Monday in Asia.
Data through the session here was of lower-tier importance only, and there wasn't much of it to go on. The NZ services PMI rose, following the rise for the manufacturing PMI reported last week. NZD barely moved for the session though.
Its been a similar story for AUD movement, net it has barely changed for the day here.
The PBOC today nibbled a little off the rate it charges for 7 day repos, from 2.55% to 2.5%. This was enough to provide a bit of a kick for China stocks.
Back to currencies, EUR/USD has mad a new high (compared with Friday trade). While in a very small range here it has managed to extend up above 1.1060. USD/Yen retested its 108.85 tops from Friday. Cable, too, a little higher (very little).
Gold is down a few dollars on the session. It had moved towards 1470 in early Asia trade but is on 1466 as I update.
been a while stince I stuck a EUR pic in here - but since its been one of the (admittedly tiny) movers today:
Still to come:
