ForexLive Asia FX news wrap: China, Japan, North Korea all in the news

ForexLive Asia FX news wrap: China, Japan, North Korea all in the news Author: Eamonn Sheridan | Category: News

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Forex news for Asia trading Friday 15 March 2019

  • More from China Premier Li: US, China still in talks regarding trade conflicts
  • North Korea is considering suspending nuclear talks with United States
  • China's Premier Li Keqiang says will cut value added tax on April 1
  • BOJ announce no change to monetary policy, as expected
  • China's Premier Li says the economy faces new downward pressure
  • More on China's February house prices – up at slowest pace in 10 months
  • New Zealand political playbook to play out in Australia? If so, supports economy
  • Shooting incident reported at a mosque in Christchurch, New Zealand – ongoing
  • Goldman Sachs raised its oil price forecasts – SG also raise their forecasts
  • All China new home prices (Feb) +0.5% m/m and 10.4% y/y
  • China NPC has approved the foreign investment law (as expected!) – starts 1 Jan 2020
  • PBOC sets USD/ CNY reference rate for today at 6.7167 (vs. yesterday at 6.7009)
  • Japanese court finds former head of crypto exchange Mt. Gox guilty
  • China state media – China, US made further substantive progress on trade talks
  • Brexit: Goldman Sachs timeline for the days ahead and outcome chances
  • China press upbeat – 'investment picks up', 'overall labor situation has “stabilized."'
  • BOC Wilkins: High debt levels could mean move to neutral could take longer
  • Fox reports the White House want a trade deal – hope to lift US stock prices 2000 points!
  • Oil – Goldman Sachs says Brent crude has scope to rise above US$70 in the near term
  • Japan fin minister Aso: No citizen is angry because haven't hit 2 percent target
  • Deputy chair of UK Conservative party says he supports PM May’s Brexit deal
  • China's new foreign investment law will pass today – an olive branch to the US?
  • More on trump's 3-4 week China trade comments – we'll know one way or the other …
  • BOC's Wilkins – does not comment on need for interest rate hikes
  • More on the EU saying UK will have to justify any request to postpone Brexit
  • EU voted against trade talks with the US, then voted for. Confused? Yep.
  • US considering targeted measures against China on human rights violations
  • More from Trump on trade talks with China – news coming in 3 to 4 weeks
  • Irish PM Varadker says need to be open to any UK request for Brexit extension
  • Brexit – UK AG COX to issue new legal advice on to break off Irish backstop
  • US (record) debt soars over $22 tln. Here's when the USD is likely to “flash red” warning.
  • New Zealand manufacturing PMI for February: 53.7 (prior 53.1)
  • EU MP wants EU to increase pressure on UK to move ahead on Brexit
  • Trade ideas thread – Friday 15 March 2019
  • Boeing says it has paused deliveries of all 737 Max aircraft

The Brexit news flow dissipated quickly during the UK evenn=ing in the early hours of Asia trade, GBP net traded a little higher only.

Later in the Asia morning though, news flow picked up with

China reporting progress on trade talks with the US

China passing a new foreign investment law

China Premier Li laying out specific timings for tax reforms

the Bank of Japan making their March 2019 monetary policy statement

and North Korea reportedly considering breaking off talks with the US over denuclearisation.

The BOJ announcement was as expected, the bank held policy and downgraded its view of the economy. The North Korea news … if you are in any way surprised by this I have a bridge to sell you.

Currencies – some moves during the session here.

USD/JPY inched its way higher during the Tokyo morning ahead of the BOJ announcement, topping out circa 111.90 and subsiding a few points an hour or so ahead of it. It lost further ground after the statement was issued, yen helped higher of course by the headlines out of North Korea. USD/JPY has been down towards 111.50 and is just above there as I update. USD/CHF has lost points on the session also, CHF getting a NK boost also.

AUD/USD has ticked higher during the session, falling short of 0.7100. AUD has been boosted by the positive comments by China's Premier Li on support for the economy. NZD/USD is higher with the AUD (in non-market related news there have been a number of fatalities in NZ due to shootings today at places of worship).

EUR/USD has taken its cue also, up a few points for the session also. CAD is up a few points also.

Still to come:

Forex options expiries today, Friday 15 March 2019

He's back!

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