ForexLive Asia FX news wrap: Yen a big gainer to open the week – ForexLive
Forex news for Asia trading Monday 30 March 2020
- More on Japan’s mooted stimulus – LDP said to be considering 100,00 yen cash handout
- NZ PM Ardern says NZ & world borders will probably remain closed until vaccine is available
- Estimates of the real death toll in China from the coronavirus – UK say multiply by up to 40
- US FDA issues limited emergency use authorization for two drugs usually used to treat malaria
- PBOC rate cut: 7 day reverse repo rate to 2.2% from 2.4%
- China’s Commerce Ministry says around 80% of restaurants are open for business
- China President Xi says should actively resume operation and production amid virus control
- RBNZ Governor Orr says NZ financial system is resilient
- Goldman Sachs warns again on USD intervention risks
- PBOC sets USD/ CNY reference rate for today at 7.0477 (vs. yesterday at 7.0427)
- FX option expiries for Monday March 30 at the 10am NY cut
- An ICYMI – US administration plan to start buying oil to top up strategic reserve halted
- A couple of bank analyst notes on oil – one tipping WTI to $10
- Coronavirus – Full lockdown in Moscow, four hours notice given
- Singapore’s central bank reduces slope of currency band to zero
- UK – Intensive care for coronavirus limited to those “reasonably certain” to survive
- Japan to extend its entry ban: US, China, most of Europe, South Korea
- Westpac on the NZ economy, see a huge fall for Q2 GDP, jobless rate to 9%
- US President Trump no longer pushing the US economy to reopen by Easter
- US President Trump wants a tax break for firms sending employees for a meal at a restaurant
- At least eight strains of the coronavirus are making their way around the globe
- More on the changes Australia’s foreign investment rules
- WSJ on “promising drug combination” to treat coronavirus, and the “new data supporting this treatment”
- Caixin (Chinese media) highlight 100 million jobs at risk in coronavirus-slowed economy
- Coronavirus – Chief financial officer of Jefferies Group dies
- If you are hearing about the nanomaterial cure for coronavirus, check this out
- Trade ideas thread – Monday 30 March 2020
- Australian Treasurer Frydenberg flags an announcement of support for employers and employees to come later today
- RBNZ’s Hawkesby says Bank continues to monitor market developments very closely, stands ready to act further
- Monday morning open levels – indicative forex prices – 16 March 2020
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.
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.
PBOC cut the interest rate payable on 7 day reverse repo agreements
today – citing domestic economic considerations and encouraging
back to work moves.
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.
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.
equities as I post
- Nikkei: -3.02%
- Hang Seng: -1.31%
- Shanghai: -1.59%
- ASX: +3.21% (not a typo)
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