Forex news for Asia trading Thursday 3 October 2019
- Global Times editor says "More terrible consequences will come" for the US in the trade war
- Goldman Sachs estimate the potential benefit to Singapore from the turmoil in Hong Kong could be as high as $4 bn
- White House sees seven deadly sins "that we're dealing with China"
- Nomura on the global stock market 'cooldown' - more to come
- Alabama has been spared from this hurricane - US tariffs on aircraft
- Japan seeing less spending from Chinese tourists
- FX option expiries for Thursday October 3 at the 10am NY cut
- Daily reminder - China on holidays, there is no CNY mid rate setting today
- Australia - Trade balance for August: AUD 5926m (expected 6,000m surplus)
- BOJ monetary policy board member Funo speaking - says should persistent easing
- Japan Jibun Bank/Markit PMIs September: final Services 52.8 and Composite 51.5
- Standard Chartered say to expect a sharp slow down in China GDP
- New Zealand - ANZ Commodity Prices for September flat at 0.0% (prior 0.3%)
- White House’s Navarro says the unrest in Hong Kong is context for trade talks
- UK Times report European Union set to ignore UK PM Johnson and grant a Brexit delay
- Australia September PMIs: CBA/Markit Services PMI: 52.4 and Composite: 52.0
- Japan press says "North Korea tests Trump's limits with submarine-launched missile"
- Australia Services PMI for September: 51.5 (prior 51.4)
- UK's Gove says he believes Brexit plan has a good chance of being approved by parliament
- The drivers to watch on CAD
- US nonfarm payroll (NFP) due Friday - preview
- 4 key positive drivers for gold (and a growing negative) - price forecasts
- North Korean state media on yesterday's missile test - self-defence
- Trade ideas thread - Thursday 3 October 2019
- US announces retaliatory tariffs against EU to take effect Oct 18
- US to impose retaliatory tariffs of 10% on EU aircraft, 25% on EU agricultural, industrial goods
Big market moves on Wednesday in Europe, UK, and US times failed to carry on in Asia here today, with tight ranges across the board in major forex pairs. News and data flow was light.
The long-awaited US tariffs on the EU were announced by US Treasury (see bullets above), to little euro impact. EUR/USD has spent the session plus or minus a handful of points around 1.0960.
We had trade balance data from Australia today (see bullets above), various PMIs from Australia and Japan, a BOJ speaker, and little else.
AUD/USD is up around 10 points net for the session while NZD/USD is, well, not. Little change for the kiwi. USD/JPY tested briefly under 107.00 during the Tokyo morning but has since come back to unchanged.
Cable is little changed as we head towards UK trade and the next barrage of Brexit related headlines.
As I post the editor of the Global Times has tweeted what appears to be a dour outlook for the next week's US/China talks:
This is a risk
negative and safe haven positive that may liven up markets a little.
