Session Wraps - Major Forex Headlines wrapped up by trading session

GMTAuthor: Eamonn Sheridan

Forex and Bitcoin news for Asia trading Thursday 20 September 2018

The NZ Q2 GDP data dogs breakfast continued today. You'll recall from Tuesday the New Zealand Prime Minister commented on the data two days before its release;

With an official quickly denying, saying no she didn't see it ....

Yeah, well, that was followed today by Stats NZ releasing the GDP a minute early by mistake (actually the embargo was lifted one minute early, which amounts to the same thing) and have now said they will ensure equal access to the data in future.

Its a circus down here in the antipodes.

Anyway, the data. Yes, as Ardern said two days ago, pleasing. It came in at a solid beat (see bullets above). The NZD was marked higher immediately and has sustained there on the session and advanced a little further.



There was little other fresh news nor data to drive currencies here in Asia today. USD/JPY has dripped a few points lower from around 112.30 to under 112.15. EUR/USD is up around 15 points from its early session lows. GBP, CHF both a touch stronger against the USD also.

USD/CAD is little changed with no Nafta developments to note today. AUD/USD is barely changed.

Still to come:



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GMTAuthor: Adam Button

Forex news for North American trade September 19, 2018

Markets:

  • WTI crude up $1.28 to $71.13
  • S&P 500 up 4 points to 2907
  • US 10-year yield up 2 bps to 3.07%
  • Gold up $5 to $1204
  • AUD leads, CHF lags

It was another lively day in cable but most of the action was in Europe with a high CPI reading pushing it to the highs of the day at 1.3215 only to see it rattled by Brexit headlines and fall just below 1.3100. From there it stayed inside that range by bounced around on varying headlines with Raab adding some optimism and Juncker raining on the parade. Last at 1.3150, virtually flat on the day.

The euro came under some pressure as New York arrived and slid to 1.1650 but found support there and rebounded to 1.1685 then closed a shade below.

There was lots of talk about rising Treasury yields but that didn't help USD/JPY as it hit at session low of 112.16 in North America before grinding back to 112.25 in quiet trade.

The bigger movers were the commodity currencies as they held a steady bid throughout the day. AUD/USD climbed up to 0.7267 and NZD/USD to 0.6617.

USD/CAD was rattled by a NAFTA headline and jumped to 1.3020 from 1.2970 but soon turned back lower and finished down 60 pips on the day to 1.2914. There wasn't any NAFTA news but there seems to be building optimism.

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GMTAuthor: Justin Low

Forex news from the European trading session - 19 September 2018

Headlines:

Markets:

  • AUD leads, CHF lags on the day
  • European equities mixed, FTSE MIB leads losses
  • Gold up 0.38% to $1,202.93
  • WTI down 0.10% to $69.78
  • US 10-year yields flat at 3.055%
  • Bitcoin up 0.03% to $6,319


Markets started the session with a risk on mood as Asian equities traded higher and China noting that they won't weaponise the yuan in the trade war. The aussie and kiwi led gains, and that pretty much persisted for majority of the session.

AUD/USD started around 0.7240 and moved to a high of 0.7260 as the dollar and yen stayed weak on the day. NZD/USD started the session around 0.6600 before moving to a high of 0.6616 before retreating back a little to current levels.

With the trade war rhetoric dominating the market landscape still, EUR/USD took advantage of that to rise from 1.1680 to 1.1715 as a result of the weak dollar. The pair then retraced some gains and moved to 1.1700 thereafter. GBP/USD also moved from 1.3150 to 1.3175 during the time before settling around 1.3170 ahead of the UK inflation report.

The report was a beat and that sent the pound soaring as cable moved to session highs of 1.3215 on the back of that before settling around 1.3180 thereafter. Then came the Brexit reality check as a report by The Times mentioned that UK PM May is to reject the EU's improved Brexit offer - leaving negotiations in limbo once again.

Cable fell from 1.3180 to a low of 1.3099 in a jiffy before recovering to around current levels of 1.3135. At the same time, there was a comment by White House economic adviser Kevin Hassett saying that US is ready to move ahead without Canada in a deal with Mexico. USD/CAD was trading near the lows at 1.2940 before popping higher to 1.2967 and settling near there at the moment.

In the midst of all of this, the swissie stays as the weakest performing major currency slumping late in the session ahead of the SNB meeting tomorrow. USD/CHF rose from around 0.9650 levels to near session highs now at 0.9690.


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GMTAuthor: Eamonn Sheridan

Forex and Bitcoin news for Asia trading Wednesday 19 September 2018

I'll get to the yuan and AUD pretty much right down the bottom of the wrap. I stuck it n the headline as a show of recency bias, K?

The session got an initial move on with reports on a very optimistic UK Prime Minister, with multiple reports she was looking for a good result (soft Brexit deal) with the help of the EU. European Union head Brexit negotiator Barnier (not Narnia) was reported as indicating more accommodation on Northern Ireland. There is more on both in the bullets above.

These stories came together and saw GBP/USD make gains, but a bit of warning on their sustainability came on the limited extent of the move despite it being the thinnest liquidity time of the 24 hour cycle (US gone for the day, Tokyo well short of beginning). Cable struggled above 1.3170 and sure enough has spent the balance of the session here (as I update) spitting back its gains, fully retracing to under 1.3150 (hey, I never said they were big moves, K?).


We had various bits and pieces of news and data crossing. NZ Q2 BOP CA (see bullets above) was a miss, while Japanese export data for August was a beat (ditto), impressive under the developing trade war clouds.

The Bank of Japan policy announcement came early in the expected window, and with an as expected unchanged decision this was par for the course. Yen did basically zero on the announcement.

And so to China. China's Premier Li Keqiang spoke at a World Economic Forum event in Tianjin and rambled on with the usual comforting murmurs on the Chinese economy; steady growth, healthy fundamentals, ample policy options and what have you. But then dropped something more interesting: China will not be devaluing the yuan to stimulate exports. The Australian dollar, in particular, liked it, adding on a quick 25-odd points to pop (but not sustain, as I post) 0.7250. Other currencies ticked a few points up also, EUR/USD, GBP/USD, kiwi, all a few ticks to the better.



In geopol we got some encouraging news from the North/South Korea summit - seemingly an agreement to allow nuclear inspectors into North Korea. There seemed to be little yen impact, USD/JPY has not done a lot all session (it edged a few tics to the better but only had a 15 or so point range on the session).

Still to come:

  • Brexit meeting in Salzburg, Austria (no, not Australia)


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