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Financial Markets developments since last 12 hours

Forex news for Asia trading Wednesday 29 July 2020



  • USD/JPY seen to as low as 102 in 1 to 2 months
  • Australian inflation data - Q2 CPI, headline -1.9% q/q (expected -2.0%)
  • PBOC sets USD/ CNY reference rate for today at 6.9969 (vs. yesterday at 6.9895)
  • Further coronavirus restriction in Australia - tighter border closure
  • Fitch on Japan: Affirms rating at 'A' , but lowers its outlook to negative
  • FOMC announcement due Wednesday 29 July 2020
  • Japan press say the government will forecast a 4.5% GDP contraction for FY2020/21
  • Russia expected to approve a coronavirus vaccine within 2 weeks - 'Sputnik moment'
  • ICYMI - Reports that HK is set to announce deferment of election scheduled for Sept 6
  • China's latest new cases number of COVID-19 are the highest since March
  • Air New Zealand freezes bookings to Australia until late August
  • Australian Foreign Minister Marise Payne says has no intention of hurting relationship with China
  • Gold around $2,000 - this may be the “new normal”
  • Further near term declines seen forecast for the US dollar
  • UK data - BRC Shop Price Index -1.3% y/y for July (vs. prior -1.6%)
  • US House Speaker Pelosi says Republican coronavirus stimulus bill unlikely to pass in Senate
  • Goldman Sachs 12 month forecast for gold is US $2300 / oz (from previous $2000)
  • Meadows says Democrats unwilling to accept gutting the unemployed
  • Hong Kong have further tightened coronavirus restrictions says China's Global Times
  • Mnuchin on the coronavirus economic relief negotiations: “Just the beginning of the talks”
  • Goldman Sachs says real concerns about USD as reserve currency. Barclays says No.
  • Trump press conference - talking up vaccine hopes again
  • Pelosi says she does not believe McConnell is ready to make an agreement on coronavirus aid
  • ICYMI: JP Morgan expect gold rally to lose momentum in the months ahead
  • Private oil survey data shows a large draw in crude oil inventory

Forex news for North American trading on July 28, 2020


  • US July consumer confidence 92.6 vs 95.0 expected
  • July US Richmond Fed +10 vs +5 expected
  • Sen. McConnell: No bill will be put forward on the floor without liability protection
  • US treasury sells $44 billion of 7 year notes at 0.446%
  • Florida coronavirus cases rise 9243. Deaths hit record
  • US May Case-Shiller 20-city house price index +3.69% y/y vs +4.0% expected
  • Biden says he will announce VP pick next week

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