Forex news for Asia trading Monday 13 July 2020
- Toyota set to resume production at all its factories around the world, first time since February
- More on the oil production limitation easings to be discussed by OPEC this week
- ANZ says RBNZ is keeping all options open - could send NZD lower
- Coronavirus - UK news reports Boris Johnson to make wearing masks compulsory in shops
- AUD/USD to drop back to 0.64 by year end - global economy weakening, China retaliation
- PBOC sets USD/ CNY reference rate for today at 6.9965 (vs. Friday at 6.9943)
- FX option expiries for Monday July 13 at the 10am NY cut
- Australia coronavirus outbreak in Melbourne - new cases 177 for the day
- Preview of the Bank of Japan policy meeting this week - no change to policy expected
- Here's a EUR/USD forecast (to 1.15) with the ECB expected to be optimistic this week
- 12 Australian military personnel in isolation over coronavirus outbreak in Sydney
- USD/CNY forecast lowered due to large capital inflows related to equities
- South Korean trade data for July - early indications are not positive
- Australian coronavirus vaccine human trials will begin today
- New Zealand data, June food price +0.5% m/m (prior -0.8%)s
- Japan - US military has locked down Okinawa base after coronavirus outbreak
- Iran and China are working towards partnerships - would benefit by offsetting US pressures on each
- US equity futures have opened higher for the week - who was that masked man?
- UK govmt minister warns Brexit is coming "regardless of the type of agreement we reach with the EU”
- OPEC and its partners will consider increasing oil output at a meeting this week
- Hong Kong third wave - officials say Covid-19 situation ‘getting a bit out of hand’
- US coronavirus - The latest Texas figures show cases up 3.3%, may be subject to weekend miscounting
- Trade ideas thread - Monday 13 July 2020
- Brexit - UK said to be planning "sweeping" tax cuts, up to 10 new "freeports"
- US warns Americans in China of increased risk of arbitrary detention
- Monday morning open levels - indicative forex prices, 13 July 2020
Weekend:
- Florida smashes coronavirus case record, but it's not all bad news
- Trump wearing a mask is a tailwind for risk trades
- Why President Trump doesn't need to make America great
There was a small bid for risk to open the week today, the headlines capturing the capitulation of President Trump in finally wearing a mask. Trump was visiting a hospital and was sighted in a mask. There were other factors for the risk bid, of course, but the weekend pictures of the President gave some hope he might be taking the continuing wave of virus destruction in the US a little more seriously. We'll see.
Coronavirus figures from the US continued their relentless climb, although perhaps with a lower rate of acceleration. Weekend counts can often be understated, though, as we have come to expect, so we await further clarity in the early days of the week.
Coronavirus numbers in Asia, while nowhere near the vast scale of those in the US epicentre, nevertheless are showing higher; Japan, Australia, Korea, Hong Kong cases all rising again. Apart from the human toll there is the economic cost as recovery may be postponed further.
GBP, EUR, AUD, CAD, even CHF and yen all showed some stregnth against the USD today although ranges were not large. NZD was a bit of a laggard, its little changed from its late Friday level.
There was no data of note released during the session.
