Forex and Bitcoin news for Asia trading Monday 10 July 2018
UK BBB Brexit minister resigns - as it happened:
- UK rumour - Brexit minister David Davis reported to have resigned
- UK government split on PM May's Brexit proposal
- Former BoE MPC member Blanchflower says PM May might not survive another week
- UK Brexit - 3rd Minister resigns
News from the UK Cabinet meeting that concluded late Friday saw GBP open higher in the very early Monday morning here in Asia. The weekend news was net on the positive side, with Cabinet agreement on May's softer Brexit proposals. But the cracks were only papered over and as Sunday evening progressed in the UK news broke that David Davis, the government minister heading up Brexit preparations and negotiations had resigned, with two other junior ministers resigning alongside.
I posted on Davis as the news broke here;
ForexLive traders got a few minutes to get set, as it took around ten minutes later to hit the newswires after my post; GBP dropped, losing 30-odd points from its earlier high of the morning. As I post we await the Europe and UK reaction with cable sitting circa 1.3300.
I took a screenshot but put the arrow in the wrong spot (d'oh!) but have fixed it as best I can to give a picture of the move (note the scale, not large but some decent pips for thos trading):
We don't always get news early on a Monday morning but when we do ForexLive is on top of it and ahead of the pack.
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Elsewhere …
- Recap of BOJ Gov Kuroda's speech earlier today
- Westpac on the AUD - looking for lower AUD/USD
- China forex reserves data, end June $3.122tln (expected 3.102tln USD)
- PBOC sets USD/ CNY reference rate for today at 6.6393 (vs. yesterday at 6.6336 )
- UK survey data - BoE talk of rate rise appears 'ill-judged'
- BOJ Gov Kuroda says will maintain YCC as long as needed to get inflation at 2%
- Japanese data - current account (May) and bank lendng (June)
- Weekend - Mexico’s new economy minister says a Nafta deal possible by October
- ECB's Coeure: Eurozone economy strong & ECB taking trade, other risks into account
- Week ahead for AUD - likely to remain caught in the cross-fire of US trade policy
- More from France: “The number one risk for 2018 is a brutal correction of stock prices"
- Weekend - France says US should expect united retaliation from Europe to tariffs
- Trade ideas thread - Monday 9 July 2018
- Monday morning FX market open - early indications 9 July 2018
- Coeure loophole shows that plenty of people don't want Weidmann to lead ECB
- US talks with North Korea take a step backwards but Pompeo brushes off talk
The USD has been a tad weaker in Asia to open the week, with currencies little changed or up small in varying degrees.. AUD has been a gainer, up around 30 or points and sitting very close to the session high as I update.
We got a speech from Bank of Japan Governor Kuroda today, more of the same from him with no indications at all of any consideration of an exit.
The People's Bank of China set the mid rate for the CNY at a rate little changed from Friday, providing some stability to Chinese markets. Stocks on the mainland have seen solid gains, as I post the Shanghai Composite is up around 1.7%, Chinext +2.2%.
Still to come:
