Forex and Bitcoin news for Asia trading Wednesday 7 November 2018
- Fresh round of USD selling as Democrats tipped to take a big House majority
- Alrighty then, shall we get back to watching the FOMC now? (Here is a preview)
- Us election results moving faster now - Democrats have net gained 9 House seats
- US election update - Fox 'news' says Democrats to take the majority in the House
- NZ data: inflation expectations fall
- BOJ's Funo: Japan inflation remains weak
- Meanwhile … PBOC sets USD/ CNY central rate at 6.9065 (vs. yesterday at 6.9075)
- The huge beat for the NZ jobs report is not enough for a rate hike any time soon
- Japan wages data for September: Labor Cash Earnings +1.1% y/y (expected +1.1%)
- Dubai launches the first official cryptocurrency exchange in the UAE
- NZD surging after a very strong employment report
- NZ Q3 jobs report out now: Unemployment rate 3.9% (expected 4.4%)
- Trade ideas thread - Wednesday 7 November 2018
- Private survey oil inventory data, larger than expected build in headline stocks
- Australia - Construction sector PMI for October: 46.4 (prior 49.3)
US midterm election counting got underway during Asia time (i.e. the US evening after polls closed). As counting progressed we got some swings in currencies, with the USD generally falling when indications were the Democrats were picking up gains in the House, and retracing its losses (and indeed hitting a fresh high) when it appeared Republicans would hold the House. And this was just the first hour!
As counting continued it gradually became clear that the Democrats would indeed take a majority in the House. This was the expected result according to polling ahead of the election, but given how useless polls have been in recent elections (the past few years now) it was nice to get actual results. The Senate also went according to polling, Republicans to hold.
EUR/USD initially traded up, to circa 1.1470 before dropping back to around 1.1400. USD/JPY moved towards 113.00 before gaining to around 113.75+. As I post USD/JPY is net little changed on the session, circa 113.20 while EUR/USD is sitting close to its session high 1.1465.
Cable has net gained on the day here; after a 1.3080/1.3145 (give or take) range its on its session high as I update. USD/CHF traded 0.9990 early, up 1.0050 and is back under 1 now.
USD/CAD early move was to 1.3110, back then to above 1.3150 and its now under 1.3110.
Eagle-eye traders will note that the NZD had a move well before any of these already mentioned. We got the employment report from NZ today. This is a once a quarter thing from New Zealand. The unemployment rate dropped to ... (wait for it) ... 3.9%! (Central expectations were for 4.4%) Participation rose alongside, making that result even more impressive. Average hourly earnings rose at a beat also. NZD/USD surged, 0.6670 or so to above 0.6740 and since then consolidated and has gained further to be on session highs as i am posting. AUD/USD went along for the ride (although AUD/NZD slid somewhat). AUD and NZD were both assisted by the net weaker USD.
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As of now the Democrats have gained a net 24 seats in the House. there are still many more seats to be decided so the majority could well grow further (it will)
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Republicans were big losers at the elections, so I am not sure what TV show the Prez was watching?
US election as it happened, read from the bottom up:
- Fresh round of USD selling as Democrats tipped to take a big House majority
- Alrighty then, shall we get back to watching the FOMC now? (Here is a preview)
- Note for your diary - only 2 years 'til the US presidential election
- Us election results moving faster now - Democrats have net gained 9 House seats
- US election update - Fox 'news' says Democrats to take the majority in the House
- USD/JPY cracking to a new session high (ps. the yuan is weakening)
- US election result update - if you are watching the Senate race you have the easy job
- NZ data: inflation expectations fall
- US election update has seen USD down, then up ... little net changed now
- BOJ's Funo: Japan inflation remains weak
- FiveThirtyEight now at 50% probability of Democrat majority in the House
- US mid term election update - its close folks - USD two-way action
- Meanwhile ... PBOC sets USD/ CNY central rate at 6.9065 (vs. yesterday at 6.9075)
- FiveThirtyEight out with a very early call: 90% probability of Dems to take the house
- US stock futures begin to fade on strong Democratic showings in key races
- US mid term election - Democrats pick up a seat
- USD the biggest loser so far - dropping away as election results come in
- The huge beat for the NZ jobs report is not enough for a rate hike any time soon
- One race in Florida shows there could really be a blue wave
- US mid term election, seats have been called but so far not much information value
- Kansas' 6th district is an early barometer of the US midterms
- Japan wages data for September: Labor Cash Earnings +1.1% y/y (expected +1.1%)
- US election, first results coming through: Republican retains Kentucky
