Forex and Bitcoin news for Asia trading Thursday 29 March 2018
- China hopes that US will abandon unilaterism and trade protectionism
- China still considering US soybean import curbs
- Australia - Private sector credit for February: +0.4% m/m (expected 0.3%)
- Japan retail sales data for February misses estimates
- China to lower VAT tax rate from May 1
- NZ data barely shifting the NZD needle - building approvals higher on the month
- US President Trump announces another admin official replaced
Bank notes:
- Not just quarter end, but a new Japan fiscal year starts April 1 - likely yen impact
- Morgan Stanley on USD/JPY - long (target and stop levels)
- AUD/USD technical from SG - looking for multi month trend as significant support
- Barclays on forex month-end flows (USD getting a lift)
- BoA/ML on the Australian dollar
A more subdued session Asia today, with an absence of market-moving news and data along with traders eyeing a holiday tomorrow for a long weekend.
The major forex centres in Asia of Singapore, Hong Kong, Australia and New Zealand are all closed on Friday for the Good Friday observance (Japan will be open, as is China).
USD/JPY tested 107 in late US time but could not maintain around there. It has slid down to under 106.60 as I update. News and data from Japan was light, February retail sales missed estimates.
EUR/USD found a base on the session around 1.2300 and put on a small bounce through to 1.2320+. CHF is a little better against the USD also, from circa 0.9575 (for USD/CHF) its back around 0.9560. Cable is a tad lower, but is off its (circa) 1.4060 session low.
CAD is barely changed on the day.
AUD and NZD have both registered a los against the USD. AUD/USD to under 0.7645 before a bounce has brought it back to mid-range for the day. NZD/USD is hovering near 0.7190. Again, little market moving news nor data, though trade tension headlines did come out on the session.
Still to come:
