Forex news for Asia trading Thursday 23 July 2020
- Chinese COVID-19 vaccine could be ready by end of 2020: SinoPharm
- Gold has room to overshoot to the topside
- S&P say risk to Australia rating remain tilted to the downside
- More on the Q2 Australia NAB Business Survey - " largest shock since the 1930s"
- Australia NAB Q2 business confidence: -15 (prior -11)
- PBOC sets USD/ CNY reference rate for today at 6.9921 (vs. yesterday at 6.9718)
- FX option expiries for Thursday July 23 at the 10am NY cut
- Australia Fiscal & Economic Update - forecast unemployment rate of 8.75% in 2020/21
- More from Stan Chart on a weaker US dollar
- Australian state of Victoria to report 403 new coronavirus cases today
- ASB on the NZD/USD fair value range
- Here's why AUD/NZD is likely to fall from here
- The latest Texas coronavirus figures
- Reports the Chinese consulate in San Francisco is harbouring a military researcher wanted by the FBI
- Another Alaska earthquake, magnitude 5.2 on peninsula
- Musk says TSLA (Tesla) to build factory near Austin, Texas
- Australia hits the front page of the Washington Post on coronavirus - are ignoring self-isolation
- Air New Zealand CEO says domestic business has improved more than expected
- AUD correlation with equities remains, but support is broader
- Trade ideas thread - Thursday 23 July 2020
- TSLA (Tesla) earnings released, Q2 EOPS
- China earthquake, magnitude 6.2
- S&P affirm Canada rating, leaves outlook stable
Major currency FX ranges were muted during the session in Asia with no news nor data to prompt moves.
There were notable releases from Australia, but the results were baked in:
- Q2 business confidence and conditions were shown to have slumped dramatically, this was of course expected
- the Australian Federal government's fiscal and economic update was similarly downbeat, as were the headlines that followed - 'Biggest deficit since WW2' - and again, expected
The Australian dollar barely moved out of a 10 point range for the session and the story was similar for the other majors.
Gold did pop above 1875USD at one stage but has since fallen back to be near its session low as I update. Silver, too, has lost ground during the session:
