ForexLive Asia FX news wrap: Yen and EUR move higher
Forex news for Asia trading Tuesday 18 June 2019
- Get set for Facebook to unveil its cryptocurrency Tuesday US time
- Citi on USD and yen
- Deutsche Bank forex trade of the week is long USD/CAD (entry, target, stop)
- Brexit – Fresh GBP weakness as Hammond ‘prepared to resign’ over May’s spending plans
- AUD/USD to a fresh session low after the June meeting minutes
- BOJ’s Kuroda says the uncertainty over the global economic outlook is high
- China house prices (May)+0.7% m/m (vs. April was +0.6%)
- RBA June minutes: Further monetary policy easing likely ahead
- Australia Q1 House Price Index -3.0% q/q (expected -2.6%)
- North Korea has produced about 12 more nuclear weapons over the past year
- PBOC sets USD/ CNY reference rate for today at 6.8942 (vs. yesterday at 6.8940)
- Japan finance minister Aso says its likely US and China will meet during the G20
- UBS wary of making a ‘type 1’ error on the AUD – pausing our short-term recommendation
- Update to Westpac’s AUD view
- China has cut its holding of US Treasuries to the lowest in almost two years
- CBA forecast the RBA to cut the cash rate in August and November this year
- ANZ’s weekly survey on Australian consumer sentiment falls again: 114.2 (prior 114.6)
- Japan Reuters Tankan (June) – manufacturing index drops again (halves from May!)
- RBA’s Kearns says arrears on housing loans have risen, but not posing threat to financial stability
- JP Morgan’s short AUD/CHF trade recommendation
- The US will send an extra 1000 troops to the Middle East
- El Erian on what’s driving GBP (he’s too polite to call Brexit a shi* show)
- Australian Treasurer Frydenberg says he’ll introduce tax package in 1st week of parliament
- Morgan Stanley trade of the week is long EUR/USD
- Reports US is preparing to send extra troops to Middle East in response to Iran
- American Chamber of Commerce says the US and China need to get back to negotiating table on trade
- Brexit – British Chambers of Commerce survey shows UK firms look to cut investment by the most in 10 years
- New Zealand Westpac Q2 consumer confidence: 103.5 (prior 103.8)
- Trade ideas thread – Tuesday 18 June 2019
- ICYMI: Stanley Fischer says Powell will not be renominated if Trump is re-elected in 2020
An interesting session here ins Asia with stronger moves for yen, CHF and EUR while weaker for GBP, AUD and CAD.
The weak moves were easier to pin a catalyst upon than the stronger moves.
For example, GBP took a bit of a tumble as new hit that UK Chancellor of the Exchequer Phillip Hammond was prepared to resign over UK PM May’s education budget boost (an extra 27bn GBP). Hammond wants to keep the cash in a ‘war chest’ for when (OK, if) the incoming bunch of plonkers manage to crash out of the EU without a deal, not spend it on educating children. GBP had fallen heavily for the US session Om Monday, a small extension lower here today on this.
The Australian dollar took its cue to dive from the release of the RBA minutes for June. The RBA indicated the next move was more likely lower for rates. As if we didn’t know this? AUD/USD fell to circa 0.6840.
AUD/JPY had a bigger fall as around the same time yen saw some inflows, taking USD/JPY from 108.55 to under 108.35. Its since dropped just a few tics further.
EUR/USD has had a more or less steady move up, albeit not large. Its been unable to hit 1.1235 although it not far off as I update.
Still to come:
- NZD traders – heads up for the GDT dairy auction coming up Tuesday London time
- FX option expiries on Tuesday 18 June 2019
- Federal Reserve FOMC meet this week – preview
- Bank of England meet this week – preview
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