Forex and Bitcoin news for Asia trading Thursday 7 June 2018
- France joins Germany, warns Trump it won’t sign a joint G7 statement
- OIL - "We could see $100 oil this year…$150-plus in 2020-2021”
- Trump said to be planning to adopt a confrontational tone at G7
- Reports that White House deputy Chief of Staff (Operations) to leave
- China's Commerce Ministry says does not want escalation of trade friction with US
- Australia trade balance for April: +977m AUD (vs. expected surplus of 1bn AUD)
- PBOC sets USD/ CNY reference rate for today at 6.3919 (vs. yesterday at 6.4040)
- Australian economist warns higher rates will trigger next recession
- Australian commodity exports - energy sector especially - in a longer-term recovery
- Deutsche Bank watching Italy uncertainty still - to weigh on EUR
- Some snippets from analysts on the euro and USD (not so keen on EUR/USD)
- Trade ideas thread - Thursday 7 June 2018
AUD/JPY was a mover today, dropping after having hit 4-month highs over previous sessions. Other yen crosses fell alongside a lower USD/JPY, which slipped back under 110 as the Tokyo morning progressed.
Against the USD currencies fared a little better, a higher EUR, GBP were notable.
AUD/USD was an underperformer though, not managing above 0.7670 while EUR, NZD and GBP rose. AUD/JPY then slid, taking AUD/USD a little lower.
News flow did not seem overly important - there are jitters around the upcoming G7 and likely disagreement (on a 6 to 1 split .... you can probably guess the odd one out) on Iran, tariffs, and more. There was also reporting of a senior White House staff departure. It all added up to a few jitters, regardless of veracity, with flows out of (for example) AUD and into yen.
On the data front the focus for the session was AUstralian April trade balance. This came in at a bit of a miss, just a small one, and with the prior surplus revised higher the impact was limited.
Still to come:
