Forex and Bitcoin news for Asia trading Tuesday 28 August 2018
- Trump on trade talks with China: "It’s just not the right time to talk right now"
- China - more on NDRC warning on slowing investment
- Former Canadian diplomat says new NAFTA isn’t even close
- More from Kudlow - says Trump wants a good deal with Canada
- More info on the HKD intervention earlier
- PBOC sets USD/ CNY mid-point today at 6.8052 (vs. yesterday at 6.8508)
- Trump and Merkel said agreed on more talks on US - EU trade barriers
- Morgan Stanley buy EUR/USD trade recommendation
- Toyota shares up 2% after advising it will invest in Uber
- Australia data - weekly consumer confidence 116.5 (previous week was 114.1)
- China press says yuan is to be basically stable
- US trade rep Lighthizer says have to change the way we work with China
- More from NZ PM Ardern - how she is combating sad business sentiment
- Canada PM Trudeau says hopes for a successful conclusion of Nafta negotiations
- Mexican president says not so happy about Canada not being included yet
- New Zealand PM Ardern says she won't relax budget responsibility rules
- UK PM May spoke with Turkey's President Erdogan
- Trade ideas thread - Tuesday 28 August 2018
It was the US / Mexico 'deal' the talk of the FX in America trade and even into Asia. While the 'deal' captured the headlines and attention there is much, much work to be done and we are still staring down the tunnel of a long period ahead until any resolution.
Lost in the excitement was a further setback for US / China trade relations, with President Trump saying now was not a good time to talk. Last week's talks between the two countries did seem rather cool, and yeah, confirmed again today.
As for the currencies, the session here in Asia so far has been characterised by gradual ticking up of USD strength. USD/JPY and USD/CHF have both rallied, in keeping with a 'risk on' theme, but countered somewhat by EUR, AUD, NZD and GBP all slipping a little against the big dollar. The moves have not been large.
After some America time strength, the CAD gave a little back against the USD also. Gold attempted its overnight high (circa 1212, but has dipped a little.
Again, for emphasis, none of the moves have been large.
The PBOC added strength back into the yuan today at the onshore rate setting.
We await UK trade, market there back today after a long weekend break.
Still to come:
