Forex news for Asia trading Wednesday 2 January 2019
- Japan - you can check out any time you like but you can never leave
- Reports that Bitcoin exchange HitBTC freezes customers accounts
- Brexit: Majority of UK’s 500 largest companies expect economic condition to decline
- Response to the China PMI today - trade war has hurt
- China's manufacturing sector had a poor final month of 2018 - PMI recap
- China Caixin December Manufacturing PMI: 49.7 (expected 50.2)
- China state media: US economy could slow down in 2019 amid risks
- China needs expansionary fiscal policy & moderately loose monetary policy
- China President Xi Jinping NY address - pace of reform will not stagnate
- ICYMI: China to allow imports of rice from the US for the first time ever
- More data from Sth Korea: December PMI improved but still in contraction
- Singapore Q4 GDP +1.6% q/q annualised (expected +3.6%)
- FT: Brexit uncertainty expected to hit business investment, consumers in 2019
- Australia house price data for December: -1.3% m/m (prior -0.9%)
- ICYMI - South Korea’s exports fell in December (implications for global growth)
- Australia CBA / Markit Manufacturing PMI (December, final): 54.0 (preliminary was 53.7)
- NZD traders - heads up for the GDT dairy auction due today (Wednesday, London time)
- Trade ideas thread - Wednesday 2 January 2019
- Two bank analysts on the yen for 2019 … more of the same?
- US Pres. Trump has invited congressional leaders to the White House for a briefing
- Three ways to start off the forex year right
--
- China PMI fell into contraction
- Taiwan manufacturing PMI fell to a three-year low
- South Korea Taiwan manufacturing PMI improved a touch but is still in contraction
More on these in the bullets above.
It was the China PMI of most focus. Today was the publication of the 'private' (Caixin / Markit) PMI following the official PMIs out earlier in the week (Monday). Today's came in showing contraction for the first time since May 2017. AUD fell immediately on the data, as did the kiwi $. The yen gained a few points which meant AUD/JPY and NZD/JPY were big losers.
Overnight US equity futures had begun their reopening session showing some promise but these fell away in time and the fall extended after China's data. Regional stock markets here were heavy also (Japan and NZ markets were closed for a holiday).
USD/CHF traded higher by a few points, while EUR/USD and cable both lost a few. There was no news idiosyncratic to these.
BTC maintained around 3800USD despite the talk of an exchange freezing funds (see bullets above). BTC chart:
--
Coming up:
