Forex news for Asia trading on Tuesday 8 June 2021
- China state media advise Australia to diversify its iron ore exports away from China
- Heads up also for an RBA speaker on 9 June 2021 - Christopher Kent, Assistant Governor (Financial Markets)
- Heads up for China inflation data due Wednesday 9 June 2021
- Top White House tech companies’ power critic Tim Wu holds more than $1m in Bitcoin
- Australia May 2021 NAB business confidence 20 (prior 26) business conditions 37 (prior 32)
- PBOC sets USD/ CNY central rate at 6.3909 (vs. yesterday at 6.3963)
- EU vice president Sefcovic threatens UK with "sausage trade war" (re Brexit)
- More detail on Canada is set to ease restrictions for fully vaccinated travellers
- Coronavirus - Canada is set to loosen its quarantine rules for vaccinated travellers
- Japan GDP final for Q1 2021 -1.0% q/q (prior +2.8%)
- Australian inflation expectations are steadily moving higher
- Japan wages data for April: Labor cash earnings: +1.6% (vs. expected 0.8%)
- Australia data - weekly consumer confidence 110.7 vs. 111.4 prior
- US report says theory that COVID-19 virus leaked from a Chinese lab in Wuhan is plausible
- UK data - BRC Sales like-for-like for May: +18.5% y/y (prior +39.6%)
- China state financial media says PBOC may inject liquidity
- A few warning signs for China fixed interest markets: rising short-term rates, local govmt debt sales to jump this week
- US inflation data due June 10 - preview
- ICYMI - OPEC Secretary-General Barkindo upbeat comments on oil
- More TSLA news - senior engineer leading Semi truck manufacturing leaves
- El Salvador confirms USD will continue as legal tender in the country
- US President Biden to discuss crypto’s role in ransomware attacks at G7
- US senator says no plans for a further Republican counteroffer on infrastructure
- Trade ideas thread - Tuesday 8 June 2021
- AUD/USD target update: 0.80 by the end of Q3 & 0.82 by the end of the year
- US stocks mixed with risk on flows into Russell/Nasdaq
Biden's national security adviser, Jake Sullivan spoke at a White House press briefing saying that BTC would be brought up at the G7 summit this coming weekend, perhaps by US President Biden himself, with a focus on getting an action plan on the increase in ransomware attacks. BTC/USD dropped from around $35.5K to, as I update, lows under $33K now.
The Canadian dollar inched a little higher on the news that Canada is set to loosen its quarantine rules for vaccinated travellers. USD/CAD dribbled down to around 1.2074 or so and has since moved back up a little higher. The Australian dollar fell against the USD net for the session, not by much, despite the latest National Australia Bank Business Survey showing business conditions hitting their highest on record (confidnece did fall a few points though). China's tabloid state mouthpiece tweeted out advice for Australia to diversity its iron ore exports away from China (see bullets above).
USD/JPY traded higher into the Tokyo fix and has drifted more or less sideways since. Cable is a few points lower with some news about of a 'trade war' threat from the EU (see bullets above).
Gold and oil are both a little lower on the session also.
