Forex news for Asia trading Monday 27 April 2020
- PBOC Governor Yi Gang says again to ensure liquidity support economy
- Australian press headline: "Chinese sanctions of Australian goods may be closer than ever"
- Heads up for the BOJ monetary policy announcement due within the hour - preview
- <a title="There is plenty of data from the US due this week, and also an FOHeads up for US data this week - focus on advance Q1 2020 GDP
- South Korea national security adviser says Kim Jong Un is alive and well
- China data - January to March industrial profits -36.7% y/y
- Goldman Sachs says global oil storage capacity to be reached in 3 weeks, then a 20% cut in production
- PBOC sets USD/ CNY reference rate for today at 7.0703 (vs. yesterday at 7.0803)
- FX option expiries for Monday April 27 at the 10am NY cut
- Goldman Sachs on the US stock market rally - what is below the surface
- Goldman Sachs technical analysis looking for USD top
- More on UK PM Johnson plans for early easing of coronavirus lockdown
- There were no US White House coronavirus update briefings over the weekend
- US coronavirus deaths total for Sunday 52,459 (previous day 50,439)
- The removal of 2 of the most powerful drivers of FX, what's ahead?
- EUR/USD levels for the session ahead
- Another warning of EUR/USD moving to parity - technical analysis
- Australian PM wants faster reopening
- Australian Industry Group wants borders within Australia to be reopened
- Spain - further easing of lockdown on the way from May 2
- UK proposes 14 day quarantine for arrivals. Johnson back at Downing Street.
- Italy - lockdown restrictions easing ahead (also, S&P affirm BBB rating)
- Monday morning open levels - indicative forex prices - 27 April 2020
- Report that China has sent a medical team to North Korea to attend to Kim Jong Un
A quiet news and data opening to the week with plenty from Europe and the UK on plans to ease virus-related restrictions ahead, which should begin to help economic activity also.
There was a bit of a cold shower from China data with industrial profits collapsing more than 30% y/y (both in March and for the quarter). This, of course, is no surprise and saw little market impact but it is a reminder of what is to come for much of the globe.
The Australian dollar was an outperform on the session, gaining towards 0.6440. Some areas in Australia are already dialling back social distancing requirements, and more are planning to soon. The New Zealand dollar traded higher alongside, some restrictions there to be eased in the week ahead also. CAD also - a touch stronger against the USD.
The reopening of Globex for the week saw oil lower, US stock indexes soon following it down (indexes subsequently stabilised). USD/JPY was rangebound from lows around 107.45 to just above 107.60.
Cable has managed a better session, net a few points higher. UK PM Johnson is said to be back at Downing Street and fully back at work. EUR was not where the action was during the session here.
