Forex and Bitcoin news for Asia trading Wednesday 5 September 2018
- Saudi Arabia wants oil to stay between $70 and $80 a barrel
- (not FX) WSJ reports 'Blood-Testing Firm Theranos to Dissolve'
- Australia press: "BREAKING Economy grows fastest rate in 6 years; Aussie dollar jumps"
- China Caixin / Markit Services PMI for August: 51.5 (expected 52.6)
- Mexican economy minister says hopes Nafta deal Between US, Canada by Friday
- Australian Q2 GDP 0.9% q/q (expected 0.7%)
- PBOC sets USD/ CNY mid-point today at 6.8266 (vs. yesterday at 6.8183)
- NZ data - ANZ August Commodity export Prices -1.1% m/m (prior -3.3%)
- Fed's Kashkari interview: "We’re raising interest rates too aggressively"
- Japan Nikkei / Markit Services PMI for August: 51.5 (prior 51.3)
- More on CAD PM Trudeau on Nafta
- IMF's Lagarde on Argentina: objective is to reach a rapid conclusion
- Australia CBA / Markit services PMI: 51.8 (prior 52.3)
- NZ Q2 construction work data comes in at a miss
- BoA looking for a lower EUR/USD on Italy, offering a buying opportunity
- Australia services PMI for August: 52.2 (previous was 53.6)
- New Zealand ANZ job ads for August: +0.6% m/m ( prior +3.1%)
- UK PM May said to endorse Carney staying on as BoE Governor
- China’s largest bitcoin mining company looking to raise up to $1bn (a pre-IPO)
- Trade ideas thread - Wednesday 5 September 2018
- Canada PM Trudeau says will hold firm on Chapter 19 mechanism
- Canada PM Trudeau says he is pleased with Nafta progress on autos
The Nafta saga drags on. The latest development today (late North America time/early Asia) centred on comments from the Canadian Prime Minister Justin Trudeau which seemingly underscored where Canada draws the line:
- on Chapter 19 (dispute resolution mechanisms)
- cultural/media protection
(ps. see bullets above for more)
Mexico's economy minister was later reported as saying he hopes for a US / Canada agreement on Friday. I dunno what it is about Friday's now becoming Nafta deal days but we have been disappointed by the previous ones (no deal!) and contrary to the Mexico chap I am going with that trend remaining intact. Trudeau vs. Trump, who is going to concede, and when?
USD/CAD has not done a lot on the session here, drifting a wee but lower before moving to little changed. That fits with a general move we have seen for the USD, with currencies generally (but not all) a little firmer against the big dollar here today (ranges were small) early and as I post mostly back to very little changed.
NZD was an early loser, dropping under 0.6540 early and then back to above 0.6560 to now, as with the others, little net change. NZD/USD sellers were joined by AUD/NZD buyers, lending a bid tone to AUD/USD ahead of the GDP data. This data came out at a solid result indeed, a beat on the q/q and the y/y moving to a very firm 3.4%. AUD/USD popped 25-odd points on the data but has not sustained; the retrace taking it back under 0.7200. Again, a small range only.
USD/JPY popped stops above 111.50, to highs circa 111.70 before falling back to 50 and now little changed on the session.
Asian stock markets had a poor session, pretty much all lower today.
Still to come:
