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ForexLive Asia FX news wrap: Yen crosses lose some ground early – ForexLive


Forex news for Asia trading
Monday 28
September 2020

Very early trade in Asia
(pre-Tokyo_ was characterised by GBP volatility in a not large range
(1.2740/80 and thereabouts) – bids were propelled by reports of the
likelhood of some progress being made on Brexit trade talks (which
recommence formally on Monday in Brussels, for the final scheduled
round of negotiations) while sellers were encouraged by persistent
reports that, no, progress was not being made. As is often the case
in Brexit – related headlines there was something for both sides of
the market. The optimists have chalked up a victory as I post though,
with cable not too far from its session high circa 1.2770.

Other
weekend news items showed continuing jawboning of the euro (lower) by
ECB members (ps EUR/USD is a little net higher here today) and then
late on Sunday the New York Times reported they had gained access to
Trump’s tax returns showing he had paid little to no tax over the
past 15 years. I’d humbly suggest that there is a bigger issue in
the NYT piece but before highlighting it would also note that it is
not unusual for huge corporations and wealthy people to use tax law
to minimise tax payments.

A
potentially more interesting issue is the level of personal debt
Trump owes, the question is who he owes it to, when it comes due and
if it gives lenders leverage over the US President. Anyone who has been subject to a security assessment will understand this – high levels of personal debt are a red flag. I’ll leave that
to the politics folks to sort through.

The
yen has found bids on the day, in a small range, USD/JPY is down to
around 105.40 (just under as I post). The USD has weakened elsewhere
also, AUD, NZD, GBP all up against it while EUR, CAD are more or less
flat against the USD for the session.

There
was some stability in trading of China property developer Evergrande
after worries cut the legs out of their share and bond prices on
Friday – both have bounced today.

In the NYT piece was Trump claiming USD70,000 for hairstyling expenses. Which seems rather a lot, but professional grooming is certainly a legitimate expense to claim for entertainers. Don’t forget pre-president days Trump was a reality TV star.

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