Forex and Bitcoin news for Asia trading Tuesday 26 June 2018
- Japan PM Abe says BOJ easing is not directed at weakening the yen
- Goldman Sachs on trade war: "We’ve turned more cautious as have our investors"
- PBOC sets USD/ CNY central rate at 6.5180 (vs. yesterday at 6.4893)
- Australia - ANZ Roy Morgan weekly consumer confidence 121.4 (122.1 prior)
- Oil - CME has raised margins on WTI crude futures
- China press says reserve ratio may be lowered again in H2 of 2018
- French fin min on US tariffs: When under attack, we respond
- Barclays forecasts for USD/JPY, EUR/USD and also the yuan
- RBNZ says the NZD remains at an elevated level
- JP Morgan highlight 7 key risks ahead
- Trade ideas thread - Tuesday 26 June 2018
- ECB'S Coeure - will continue to reinvest principal payments from maturing securities
USD/JPY popped in the US afternoon on comments from Navarro (see the US wrap) and spent the early part of Asia, pre-Tokyo and then into the Asian morning proper, retracing that move. Asian stock markets fell through the morning also but have trimmed their losses a little as I write.
The news from the US day that Harley Davidson is to shift some production to avoid escalating tariffs offshore hit markets like a dose of reality, wow this is gettin' serious ... HD are not the first, they won't be the last.
AUD and NZD are two obvious targets for sellers concerned about trade war escalation, The two did not do a lot today but they are on session lows as I post. Cable and EUR/USD have fared a tad better, each is up a few tics only.
There was pretty much nothing on the news wires fresh today, and apart from the yen move ranges in Asia for forex were very tight indeed.
The People's Bank of China cut the (reference rate) price of the onshore yuan again today, to its lowest since January 10 this year. While it was a decent size slice, it wasn't as large as was expected and likely indicates an easing in the large devaluation moves for the time being.
Still to come:
