Asia FX Handover: Cautious Trade Ahead Of NFP
Matt Simpson June 7, 2019 12:14 AM
A summary of news and snapshot of moves from today’s Asia session.
- FX markets were typically quiet ahead of today’s NFP report, although volumes were lower than usual due to a public holiday in China. CAD is currently the strongest major, NZD and JPY are the weakest.
- Asian equities were mostly higher on the back of thawing trade tensions.
- Whilst markets may have be quiet, Trump was less so on Fox and Friends, claiming ‘I’ll definitely get a deal with China’ and the US markets would be ’10,000 points higher’ were it not for the Fed.
- WTI traders near yesterday’s highs following its most bullish session since mid-January. Gold is coiling at the highs after its elongated pinbar below the 2019 highs.
- Mike Pence: Mexico must take decisive action on immigration to avoid tariffs. But will ultimately be up to Trump to decide whether to move forward with them. Talks with Mexico to continue in the coming days.
- USD/CNH moved higher following a Bloomberg interview where PBOC governor said China has ‘lots of policy room if trade war worsens’. This is after a former PBOC governor said publicly that their currency is no longer forbidden from dropping through Y7.
USD/CAD To Challenge 'Long' Held Views?
NFP Preview: Fed Watching Wages as it Weighs a Potential Rate Cut in June or July
US FX Handover: ECB Too Tentative for Euro Bears, NFP on Tap
Bitcoin struggles to regain bullish momentum
ECB not dovish enough
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.