Forex and Bitcoin news for Asia trading Wednesday 3 October 2018
- Asian currency intervention confirmed
- Can the EUR maintain its rise on the Italian budget news?
- Reports Italy plans to cut its budget deficit to 2% in 2021
- Australia August building approvals -9.4% m/m (big miss)
- Japan September PMIs: Services 50.2 (prior 51.5) and Composite 50.7 (prior 52.0)
- New Zealand ANZ Commodity price index for September: -1.8% m/m (prior -1.1%)
- Gold to be stuck in a 1180 / 1215 range for the near term
- RBC on the USD/JPY - reasons to like it
- UK data - BRC Shop Price Index for September: 0.2% y/y (prior +0.1%)
- More responses on the RBA incoming: 'statement is a modest weight on the AUD'
- Australia services PMI comes in at 52.5 in September (prior 52.2)
- Analyst takes on the RBA statement: 'continues to stick to a cautious bias'
- UK press says UK PM May is 'under pressure to set out a timetable for her departure'
- New Zealand ANZ Job Ads for September: -0.3% m/m (prior +0.6%)
- Trade ideas thread - Wednesday 3 October 2018
- OIL - private inventory data shows surprise draw in gas, build in headline stocks
News hit during the Asian session that Italy will pare back its budget deficit after the EU expressed concern:
EUR/USD had been just a little heavy during the Asian morning but the headline from Italy reversed it, and how. EUR/USD gained half a big figure in quick time before questions on the story began to be raised. Since then EUR/USD has stabilised just under 1.1590 and we now await the response from European and UK markets in the hours ahead.
That was the big news today, although earlier on we got some poor data from NZ, and then from Australia which weighed on the NZD and AUD (in bold bullets above). Both of these reversed their losses with the EUR but have since headed back towards earlier lows (not quit getting there as I post). GBP gained with the EUR also.
USD/JPY jumped on the Italian news also, with flows out of the yen towards 'risk',
Still to come:
