Forex and Bitcoin news for Asia trading Monday 27 August 2018
- China's NDRC says the country is facing relatively big pressure on investment
- The yuan was broken so the PBOC turned it off and on again
- Mexico economy minister says still working on Nafta deal
- China July industrial profits: +16.2% y/y (prior )
- PBOC sets USD/ CNY reference rate for today at 6.8508 (vs. Friday at 6.8710)
- The Jackson Hole speech that finally made sense came over the weekend
- ASB forecasts for the NZD and RBNZ
- Trade ideas thread - Monday 27 August 2018
- Monday opening FX rates - foreign exchange prices indications 27 August 2018
Weekend:
- US-Mexico poised for NAFTA deal as soon as Monday. Will need at least a week to include Canada
- Poloz downplays higher inflation, highlights digital disruption
- The long re-think on inflation continues at Jackson Hole
- How the Bank of England got its nickname
- The main risk right now is emerging market mayhem
- Sen. John McCain has died.
- NAFTA: Mexico and US near resolution on issues holding up talks
- How far will Tesla shares fall after the plan to go private collapses?
Yen crosses were the movers here in Asia to open the week, generally higher to begin with early and then lower as the Tokyo morning progressed.
Fresh news was not the driver, developments on Friday (PBOC reintroducing the 'X factor' into setting the reference rate, Powell's speech at Jackson Hole) were known already and there was little fresh. There does seem to be some incremental progress being made on Nafta though.
EUR/JPY had only a small range, but as mentioned the yen crosses were the ones moving. EUR/JPY opened the week with a move above 129.60 before falling to circa 129.00. Other yen crosses followed a broadly similar pattern.
The USD continued its weakening move from Friday a little further, EUR/USD, for example, above 1.1650 early here before drifting back to around 1.1630 as I post. GBP, AUD, NZD with a similar sort of pattern.
Still to come:
