Forex and Bitcoin news for Asia trading Thursday July 5 2018
- RBA's Heath says recent economic data has been positive
- IMF’s concerned US fiscal stimulus to trigger inflation break-out, Fed to hike quicker
- China comments on US trade threats - China won't bow to threats, blackmail
- Japan economic adviser to the government says need MOAR fiscal stimulus, right away
- US' Pompeo heading to North Korea - what to expect (lower your expectations edition)
- BOJ's Masai says 2% inflation target is considered global standard
- PBOC sets USD/ CNY reference rate for today at 6.6180 (vs. yesterday at 6.6595)
- Goldman Sachs says oil market to remain in deficit through the rest of the year
- First responders to the ECB earlier rate hike story ;-)
- "Trade disputes between US & main trading partners raising downside growth risks"
- Britain’s biggest vehicle maker said a hard Brexit would mean it leaves the UK
- China press - Yuan depreciation is not a long-term trend
- Trump plans one-on-one meeting with Putin
- NZ Treasury reports a larger than forecast surplus in 11-month statements
- US trade war - WTO says global economic growth "in jeopardy"
- Merkel warns that the US trade war may lead to a global financial crisis
- Audio recap: Markets slow to US holiday pace
- UK police confirm two people poisoned with same agent as earlier attack by Russia
- Trump tweeting on oil - wants OPEC to bring the gasoline price down
- Trade ideas thread - Thursday 5 July 2018 (holiday … over!)
- Iran Revolutionary Guards commander threatens to block Strait of Hormuz
Currency ranges were small here in Asia today following the US holiday. There was very little new news, no data, and two speeches from central banks (BOJ, RBA) that didn't contain anything to ignite markets.
If you are reading this heading into Thursday Europe/UK trade (or even US trade for Thursday after your Wednesday holiday) the most important event (IMO) were the comments on potential faster ECB tightening, reported on during US time Wednesday
- Some ECB members said to see end-2019 rate hike as too late - report
- More on the report on ECB members pushing back on expectations
I posted a little on this, worth checking out Westpac's doubts:
For currencies, the yen had a bit of pushing and shoving, USD/JPY to 110.60 (and thereabouts) then down to circa 110.35 (dragging yen crosses down a bit). EUR was quite stable, EUR/USD barely a 10 point range while there was a little wobble for 'risk', AUD, NZD, for example, down a little before coming back to be little changed (and even a touch higher for the NZD) on the session.
The PBOC gave a big boost to the onshore yuan (CNY) today, a 400+ point revaluation!
Still to come:
