Forex and Bitcoin news for Asia trading Thursday 2625 July 2018
- New Zealand Fin Min Robertson says growth to improve in H2
- US open to steel duty waiver for India if it lowers export volume
- Australia Q2 Export price index +1.9% q/q (expected -1.3%) & Import +3.2% q/q (+1.9%)
- PBOC sets USD/ CNY mid-point today at 6.7662 (vs. yesterday at 6.8040)
- Japan plans to raise its minimum wage benchmark
- MUFG CEO says BOJ should consider modifying its inflation target
- China has withdrawn its approval for Facebook's 'innovation hub' in Zhejiang
- Here is what Gartman expects of the BOJ meeting -
- Not FX, but Facebook is getting faceplanted big time, stock down more than 20%
- German industry association says EU / US 'deal' move in right direction, BUT ….
- Quick recap of the EU/US agreement (should I put agreement in ironic quotation marks?)
- More Juncker: Agreed on need to address forced tech transfer
- Pompeo: US goal is for North Korea's denuclearization by end of Trump's first term
- Canada's Freeland says hopes Nafta negotiations move more quickly now
- Oil -Saudi to temporarily halt exports through Bab-el-Mandeb Strait
- Trade ideas thread - Thursday 26 July 2018
- US Sec State Pompeo - denuclearising North Korea includes chemical weapons
- Trump / Juncker presser: Trump says US and EU will both win
Afternoon developments from the US with an agreement reached in talks between US President Trump and European Commission President Jean-Claude Juncker. The substance was very light-on but at least the two sides agreed to keep talking. Markets took some heart from the developments, taking 'risk' a little higher on approach to the presser but this has since dissipated somewhat. It was not too long ago that the US and China had agreed to back off on trade tensions and that has not worked out well at all.
AUD/USD was a beneficiary, popping to circa 0.7460 before since slipping back to under 0.7440 as I update. A tight range for sure and it looks a little on the heavy side going into Europe/UK trade (still early there of course).
EUR/USD had gained a few points also, since given back (tiny range though) GBP, CAD, CHF, NZD with similar patterns and tight ranges.
CNY was given a boost at the reference rate setting by the PBOC today, USD/CNY down 370-odd points from yesterday's mid rate. At the very least a pause from the Bank in the CNY devaluation moves. Overnight news of Chinese authorities withdrawing approvals from Facebook for a move into China, and for Qualcomm on a proposed takeover bid for a Chinese firm are perhaps the latest front opening up in the trade war with the US.
Still to come:
