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Forex and Bitcoin news for Asia trading Wednesday 5 September 2018
The Nafta saga drags on. The latest development today (late North America time/early Asia) centred on comments from the Canadian Prime Minister Justin Trudeau which seemingly underscored where Canada draws the line:
- on Chapter 19 (dispute resolution mechanisms)
- cultural/media protection
(ps. see bullets above for more)
Mexico’s economy minister was later reported as saying he hopes for a US / Canada agreement on Friday. I dunno what it is about Friday’s now becoming Nafta deal days but we have been disappointed by the previous ones (no deal!) and contrary to the Mexico chap I am going with that trend remaining intact. Trudeau vs. Trump, who is going to concede, and when?
USD/CAD has not done a lot on the session here, drifting a wee but lower before moving to little changed. That fits with a general move we have seen for the USD, with currencies generally (but not all) a little firmer against the big dollar here today (ranges were small) early and as I post mostly back to very little changed.
NZD was an early loser, dropping under 0.6540 early and then back to above 0.6560 to now, as with the others, little net change. NZD/USD sellers were joined by AUD/NZD buyers, lending a bid tone to AUD/USD ahead of the GDP data. This data came out at a solid result indeed, a beat on the q/q and the y/y moving to a very firm 3.4%. AUD/USD popped 25-odd points on the data but has not sustained; the retrace taking it back under 0.7200. Again, a small range only.
USD/JPY popped stops above 111.50, to highs circa 111.70 before falling back to 50 and now little changed on the session.
Asian stock markets had a poor session, pretty much all lower today.
Still to come: