ForexLive Asia FX news wrap: Slightly firmer USD to begin Monday – ForexLive

Forex news for Asia trading Monday 25 May 2020


Check out the headlines above for the ratcheting up of US-China
tensions further over the weekend. These spilled over slightly into
forex markets for the opening session of the new week with a small bid tone for the USD. Ranges were not large though. It could be a
bit of a wait for the ranges to extend with a UK and US holiday ahead
for Monday, although if there is any news flow to drive currencies, moves could be exacerbated with the lower liquidity than usual.

the data front we had preliminary trade data from Australia today
(preliminary only, it is subject to revision). The data showed
exports lower on the month but nevertheless relatively resilient.
Imports were down substantially, reflecting the weakening in domestic
demand we have seen elsewhere due to the impact of the coronavirus
outbreak and response.

the People’s Bank of China today we got a huge drop for the onshore
yuan with the central parity rate weakened 270 pips from Friday’s
to the lowest level for the CNY reference rate since the end
of February in 2008.

Weaker CNY mid-rate setting:

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