Forex and Bitcoin news for Asia trading Friday 6 July 2018
US President Trump confirms tariffs on China will go into effect after midnight!- Its Friday 6 July 2018, the US kicks off its trade war against China today
- China state media slams Trump's 'gang of hoodlums'
- PBOC adviser says Trump's trade war on China to slow GDP by just 0.2%
Other:
- PBOC sets USD/ CNY mid-point today at 6.6336 (vs. yesterday at 6.6180)
- Japanese government CPI forecast CPI to be lower than that from the BOJ
- Japan wages data (May): Labour cash earnings 2.1% y/y (vs. exp +0.9%)
- China's forgn min says trade protectionism is short-sighted, harms both sides
- Japan Overall Household Spending for May: -3.9% y/y(expected -1.5%)
- More on the yuan - China may tolerate more weakness
- The 3 currencies reacting most to CNY gyrations
- Morgan Stanley EUR/USD trade recommendation (long EUR)
- Australian construction PMI for June: 50.6, down from May's 54.0
- BoA/ML on USD/JPY and the reasons for its resilience
- Technical analysis chart of the US dollar index … started staging a pullback
- Video: Why the Bank of Canada has it all wrong
- Trade ideas thread - Friday 6 July 2018
Midnight US east coast time is the start of the US tariffs targeting China, and a reciprocal response from China. Note .... this is not fresh news, the date and time have been awaited for a while. The big question is how the trade war escalates and what other countries are dragged into it.
There was harsh rhetoric from China today:
That sort of thing:-D. Substantive news was thin though.
We got some Japanese data, consumer spending coming in a bad miss (a not too surprising development) but wages data showing some good growth (that was a surprise).
Currencies traded in a low-key manner, with an excuse being the big data coming up from the US Friday morning (1230GMT brings the nonfarm payroll numbers for June). Links to previews of these are down below; read them to prepare, because apparently we won't be getting an early leak from President Trump this month:
The major currencies are pretty much unchanged nearly across the board, a few minor wiggles here and there. USD/CAD has gained a few points, on of the few moves. Did you hear the one about US armed patrols intercepting and boarding Canadian fishing boats? Yes, really:
Gold has dropped a few dollars.
Still to come:
- US jobs report due Friday (NFP for June) - preview
- Canada jobs report due Friday - preview
- Goldman Sachs preview of Friday's NFP report
- US President Trump won't be leaking the NFP results - this preview will have to do
- UK Brexit meeting - Ministers have a 120 page proposal to read just hours prior!
- UK Brexit meeting ... May's so-called 'third way' customs proposal DOA?
- Heads up for large FX option expiries on Friday 06 July 2018
- AUD traders - heads up for an RBA speaker on the weekend
- Heads up for larger FX options expiring in the early part of next week
Baby Trump Blimp will fly over London during the Prez' visit …
