ForexLive Asia FX news wrap: Trump tweets again
Forex news for Asia trading for Wednesday 7 October 2020
- ECB Study Finds Signs of Eroding Central Bank Independence
- More from Trump tweeting - ready to sign $1200 stimulus checks
- Trump tweets he wants Congress to approve airline support, paycheck protection
- Trump whines about a political hit job re vaccine safety rules
- Fitch ratings affirm South Korea at AA-, Outlook Stable
- The RBA 'chart pack' is a handy summary for Australia - published now
- FX option expiries for Wednesday 7 October at the 10am NY cut
- USTR Lighthizer says US trade policies working
- BoA forecast NZD/USD lower at year end
- US Senate leader McConnell speaking - addressing stimulus scuppering
- US President candidate Biden says if Trump still has the virus should not debate
- Pelosi says we WERE on a path to get a deal
- Trump says he agrees with Fed Chair Powell that more fiscal stimulus is needed
- BOJ Gov Kuroda says full global economic recovery is further down the road
- VP Pence has been cleared to attend his debate with Harris
- Heads up for more from the Federal Reserve today (Wednesday)
- Checking out the latest betting on Biden vs. Trump
- China state media report on projections for 360,000 US coronavirus deaths by year end
- US Senate Republican Collins opposes delaying stimulus bill
- UK Foreign Minister says the country could boycott China's Winter Olympics
- Australian September services PMI drops to 36.2 (prior 42.5)
- UK coronavirus - PM Johson considering imposing tougher lockdown restrictions
- Gold now faces another test of the key $1850 zone
- Trade ideas thread - Wednesday 7 October 2020
- Fed's Mester sees fragility out there in economy recovery
- Senate leader McConnell says he agrees with Trump decision to pull out of coronavirus relief talks
- Private oil survey data shows a build in headline crude oil inventory
- US House committee releases report on market power abuse by tech giants
ICYMI risk assets were hit hard during the US afternoon when Trump tweeted out he was calling off stimulus negotiations. The moves set the stage for an extension of losses into Asian morning trade with EUR and other currencies all a little weaker against the US dollar. Ranges were no large, the big moves came in the US timezone, but we did see some extension here.
News and data flow was quite light for many hours following the end of US trade, but towards late morning Tokyo time Trump provided the interest again, tweeting out he was ready to approve economic relief in the form of:
- airline payroll support ($25bn)
- Paycheck Protection ($135bn)
- $1200 support checks for people
Trump stipulated he wanted a stand alone bill, not some sort of full package. Which is better than the nothing there is on offer right now.
Trump's tweets on these support measures prompted a bid back into US equity index futures and also into currencies against the USD after their earlier losses. As I post that equity index bid is dropping away...
I should note FX ranges through all this were small only, but we take what we get during this timezone.
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