Forex news for Asia trading Tuesday 11 August 2020
- Monetary Authority of Singapore says monetary policy stance appropriate
- Riots still in Belarus after the weekend election
- Higher AUD target is just under 0.7250
- Australia NAB business confidence -14 (prior 1) and business conditions 0 (prior -7)
- PBOC sets USD/ CNY reference rate for today at 6.9711 (vs. yesterday at 6.9649)
- FX option expiries for Tuesday August 11 at the 10am NY cut
- White House says deeply trouble by the arrest of Jimmy Lai in Hong Kong
- EUR/GBP end-year forecast 0.89, to fall after
- Australia (NSW state) 22 new cases of COVID-19 in the past 24 hours
- Japan July bank lending rises at its fastest pace on record
- Singapore Q2 GDP -42.9% q/q (annualised) (expected -43%)
- South Korea first 10 days of August exports collapse 23.6% y/y
- Australia news - NT says border will remain closed for at least the next 18 months
- RBNZ policy meeting this week - preview (and where to for the NZD)
- Australia weekly consumer confidence: 86.5 (prior 88.6)
- UK data: BRC like-for-like sales in July +4.3% y/y (prior +10.9%)
- Australia (Victoria) new coronavirus cases 331
- NZ data - Card spending in July: Retail +1.1% m/m, Total up 1.0%
- Australia spending data - improvement
- Trump says phase 1 trade deal means "very little"
- NZ data - ANZ Truckometer for July, Heavy Traffic index: +2.7% m/m (prior +14.5%)
- JP Morgan not impressed with Trump EO stimulus - orders of magnitude too small
- Citi on EUR/USD - danger of correction possibly to 1.1530, then higher (potential 1.24 by September)
- Trump evacuated from White House press briefing room by US Secret Service
- Tornado warnings for Chicago area
- Explosion reported on Iraqi-Kuwait border, targeted at US military base
- TikTok wants a public statement of support from the UK govmt before uprooting its HQ to London
- Trade ideas thread Tuesday 11 August 2020
- Fed Evans says this recession is unique in swiftness, severity, and scope
AUD and NZD gained against the US dollar today, each adding on around 20+ ppints over the course of the session and as I post are holding most of the gains. There was not clear catalyst although we did get some data from both countries. Australian business confidence slumped again, the survey was conducted even prior to the imposition of the stricter 'stage 4' lockdown in Melbourne. On the more positive side of the survey business 'conditions' a more objective measurte than the sentiment-driven confidence showed improvement.
GBP and EUR have gained a little also. An early move higher in USD/JPY and USD/CHF has been somewhat retraced.
There were no positive signs out of the US Congress on stimulus negotiations, there were no negotiations!
Riots continued in Belarus (after the results of the rigged election) and Chicago. There was a minor event at the White House, Trump was evacuated from a press presentation after shiots were fired outside the White House barricaded compound.
Trump was rushed out of the press presentation by the US SS:
