FOREX NEWS

ForexLive Asia FX news wrap: Yen a big gainer to open the week – ForexLive


Forex news for Asia trading Monday 30 March 2020 

Weekend:

Yen was a big gainer during the Monday session, with USD/JPY to lows
under 107.20 at one stage. Oil and stocks were heavy also in a move
away from risk to kick off the week.

There
was plenty of news, especially over the weekend (headlines and links
in the bullets above), notably the expected downgrade of the UK
(Fitch) and signs of continued determination from Saudi Arabia not to
cut back on their big production boost that has weighed on the oil
price so dramatically.

The
PBOC cut the interest rate payable on 7 day reverse repo agreements
today – citing domestic economic considerations and encouraging
back to work moves.

Also
of note was US President Trump abandoning his idea to get the US
economy reopenined in time for Easter. He now places a time frame on
reopening much further out, saying that he expects the coronavirus
crisis to be still increasing into Easter (peaking around then).
Trump is extending
the government
guidelines
(eg. social distancing measures)
on
dealing with virus outbreak to April 30.

EUR
and GBP also lost ground on the session (vs. USD). USD/CHF was lower
with USD/JPY but not to the same extent at all. AUD and NZD are both
a little lower on the session.

Regional
equities as I post

  • Nikkei: -3.02%
  • Hang Seng: -1.31%
  • Shanghai: -1.59%
  • ASX: +3.21% (not a typo)

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