Forex news for Asia trading Tuesday 8 September 2020
- Latest Australian weekly jobs data shows weaker jobs numbers again
- The US is considering a ban on cotton from China (Xinjiang province)
- Japan economy minister Nishimura with optimistic comments on corporate spending
- Australia August business confidence -8 (prior -14) & business conditions -6 (prior 0)
- PBOC sets USD/ CNY reference rate for today at 6.8364 (vs. yesterday at 6.8386)
- FX option expiries for Tuesday, September 8 at the 10am NY cut
- Australian household credit, debit card spending improved in the week (ending 4 September)
- China's new visa restrictions targeting US media
- Japan Q2 GDP (final) -7.9% q/q
- Japan Household spending for July -7.6% y/y (expected -3.7%)
- Japan wages data for July: Labor cash earnings -1.3% y/y (expected -1.5%)
- Australia weekly consumer confidence: 91.1 (prior 90.2)
- UK data indicating improving consumer spending
- The last two Australian correspondents working in China have been rushed out of the country
- UK Times reports senior members of Johnson's party are warning him over a no-deal Brexit
- Brexit: The reason why Boris Johnson is jeopardising an EU free trade deal
- Australian banks to fund government stimulus bill
- BoE's chief economist Andy Haldane warns against furlough extension
- UK PM Johnson saying Brexit deal never made sense is front-page news
- Trade ideas thread - 8 September 2020
- UK PM Johnson is speaking on Tuesday - to say that Brexit deal never made sense
- Goldman Sachs says that despite his bluster, UK PM Johnson does want a Brexit trade deal
There was very little new information to go on during the Asian session on Tuesday, just a little more China tension playing out:
- two Australian journalists departed China in haste after being 'questioned' by Chinese authorities (these were the final two in the country)
- the US is considering banning cotton products from Xinjiang province (over human rights abuse concerns), the decision could come as soon as today
- China imposed new visa restrictions on US journalists
Brexit trade talk news continued, UK PM Johnson will say later today in a speech that the Brexit deal he agreed to was contradictory and it never made sense.
Data flow confirmed Japanese Q2 GDP contracted sharply, Australian business conditions did the same (although confidence improved a little but is still deep in the red).
FX rates had small ranges only following on from the US Monday holiday with net (small) gains for the USD, especially against CAD, CHF, EUR and GBP.
Gold is down just a few dollars.
