Forex news for Asia trading Friday 28 August 2020
- Trump threatens to end reliance on China 'once and for all'
- ANZ on the month ahead: EUR, GBP look vulnerable, tenuous.
- Fitch revises it 2020 gold forecast up ... to $1850
- Masks will be compulsory in Paris, France, from 8am Friday
- Bank of England Governor Bailey speaking Friday at Jackson Hole
- PBOC sets USD/ CNY reference rate for today at 6.8891 (vs. yesterday at 6.8903)
- FX option expiries for Friday, August 28 at the 10am NY cut
- The EU has warned Boris Johnson he has less than two weeks to save post-Brexit trade and security talks
- New Zealand stock exchange to resume trading at 0100GMT
- US credit card provider cuts credit limits - Capital One
- Singapore's trade minister sees gradual economic recovery in Q3 through Q4
- China bans beef imports from another Australian firm
- Tokyo CPI 0.3% y/y (vs. expected 0.6%, prior 0.6%)
- JPM on the euro, to gain against the Powell-weakened USD
- UK Lloyds Business Barometer for August: -14 (prior -22)
- Australian state of Victoria reports 113 new coronavirus cases
- Exxon has restored power supply at its Beaumont, Texas refinery - preparing to resume operations
- Responses to Fed Powell's speech continue - new approach will see USD fall further
- US to seize cryptocurrency accounts linked to North Korean hacks, $1bn stolen
- New Zealand’s stock exchange has crashed for a fourth day in a row
- New Zealand consumer confidence fell 3.9% m/m in August
- Hong Kong central bank increase intervention in the HKD peg
- Fox reporter says Miami-Dade (Florida) casinos will be allowed to reopen on Monday
- ICYMI - Europe to start Boeing 737 Max test flights
- More reports of rocket fire on Baghdad Green Zone
- Pentagon: Russian forces injured US service members
- Trade ideas thread - Friday 28 August 2020
- TikTok is drawing up contingency plans to shut down US operation
- EU paid 336m EUR downpayment to AstraZeneca to secure at doses of potential COVID-19 vaccine
- Trump to announce a $750m deal to buy 150m rapid Covid-19 tests from Abbott Labs
After Powell's speech and the response during the US timezone there was little movement here during the Asian session. A quick scan over the major FX charts will show the yen continued its weakness somewhat, with USD/JPY tracking to above 106.80 and helping yen crosses up small.
EUR/USD and cable both also added a few points. AUD and NZD, even CAD, all also afew tics to the better against the USD.
Data and news flow was light and not of much impact. We did see Tokyo area inflation data for August (see bullets above) which will be yet another disappointment for the BOJ. National level CPI for Japan follows in 3 weeks.
The US Republican Convention concluded with Trump accepting the nomination, of course. Trump spoke in his usual way, he said there will be a vaccine soon, perhaps even before year-end. He also threatened China, said he'd end reliance on the country once and for all.
