Asia FX Handover - There's 'Summit' In The Air

A summary of news and snapshot of moves from today’s Asia session.

  • Trump and Kim are indeed looking to hold a 3rd summit, according to South Korea’s Finance Minister who would be facilitating the event. And, not wanting to miss out, Abe is ‘open to talks’ with North Korea’s Kim Jong Un.
  • On the data-front, NZ building consents decreased -6.9% YoY, its fastest contraction since July 2018. Taiwan PMI contracts for a 7th consecutive month although Korea’s PMI expanded for the first time since October, whilst CPI also beat expectations.
  • Equities and index futures point lower after the FOMC-induced sell-off on Wall Street. NZD and AUD are the strongest majors, JPY and USD are the weakest. Still, the dollar trades in tight ranges after regaining its strength after USD/CHF reaffirmed support and EUR/USD sits tightly near the lows of yesterday’s bearish hammer. WTI is coiling along with gold, whilst Silver looks heavy at the lows after sliding to its lowest level this year yesterday.

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