Forex news for Asia trading Thursday 4 July 2019
- Goldman Sachs preview of the US nonfarm payroll report due Friday
- Australian retail sales data response - "bleak but not bleaker than expected"
- Forex trading advice from the US Department of Justice
- US nonfarm payroll due Friday - preview
- Barclays says they are looking for a melt up in stocks - "our highest probability outcome"
- Japan's PM Abe is looking on the bright side - no need to raise consumption tax for another 10 years!
- Australia Retail Sales for May: +0.1% m/m (expected 0.2%)
- Canada press: Trump pressed Xi on the cases of two Canadians detained by China
- PBOC sets USD/ CNY mid-point today at 6.8705(vs. yesterday at 6.8640)
- FX option expiries for the 10am NY cut on Thursday 4 July 2019
- ICYMI - UK regulator wants a ban on cryptocurrency products
- Goldman Sachs equity strategist highlights 2 factors to limit equity upside
- Trump administration scheduling a call next week between US and China on trade
- More from PBOC's Ma Jun - trade truce rules out need for more stimulus
- Can't wait for the big July 4 parade in Washington? Here you go!
- Trump on currency manipulation, analyst on USD intervention - "we should be prepared for anything"
- Here's a forecast for the CAD ahead of the Bank of Canada meeting next week
- Trade ideas thread - Thursday 4 July 2019
- Forecasts for EUR/GBP 0.86 in 6 month - based on another delay to Brexit
- GBP/JPY test of flash crash low Of 131.70 looks increasingly achievable - MUFG
A subdued session across forex heading into the big US holiday on Thursday.
USD/JPY lost a handful of points down towards 107.70 with basically no news or data to drive the yen here today. The very small USD weaker move was also reflected elsewhere with EUR, GBP, AUD and NZD all gaining a few points. They have all since unwound the small positives, though, to be back pretty much where we finished US trade.
USD/CAD has managed to head a touch higher on the session. Again, we are talking a small range only.
Of note for data today were some poor results from Australia. Job vacancy data fell. Of more focus, retail sales for May came in at a very tiny positive of +0.1% m/m. At least it was a rebound from the negative the prior month but that's probably about the only upbeat thing I can say about the result. Of course, the Australian federal election was in May so perhaps that was a constraint. The Australian dollar popped its overnight high following the data but as I noted above, its given back the gain now.
The Hong Kong dollar was a mover, it added on gains during the session. HIBOR rates rose again, adding further pain for HKD shorts:
- One week HIBOR to its highest since October of 2008, two week ditto, one month ditto
- Two month to its highest since November of 2008, three month ditto.
Also on the rise today, Bitcoin - gave $12,000 a nudge:
