US President Donald Trump announced during the Asian trading hours on Thursday of “a big news conference (Thursday) tomorrow morning at 10:00 a.m. (14 GMT) in the Oval Office. concerning a major trade deal with representatives of a big, and highly respected, country.”
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The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently at +/- 2%.
Previous close was 7.2250
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PBOC injects 158.6bn yuan via 7-day RR, sets rate at 1.4%
This article was written by Eamonn Sheridan at www.forexlive.com.
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Here’s Trump’s announcement post:
The New York Times says now it’ll be with the UK.
The UK was my pick. But … I don’t know about anyone else but I’ve lost count of how many times the NYT has been wrong about what to expect from Trump.
This article was written by Eamonn Sheridan at www.forexlive.com.
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The AUD/USD pair edges higher in Thursday’s Asian session, trading around 0.6440 after falling over 1% in the previous session. The pair had previously touched a five-month high of 0.6514 on Wednesday, but retreated amid Federal Reserve’s (Fed) cautious policy outlook.
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Bank of Japan Governor Ueda is answering questions in parliament:
Earlier:
This article was written by Eamonn Sheridan at www.forexlive.com.
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Trump’s announcement:
As expected, markets react by bidding up stocks. This is Globex S&P 500 (it’s a CFD that tracks ES):
Overnight trade is thinner than in regular trading hours, so don’t go betting the farm, OK?
This article was written by Eamonn Sheridan at www.forexlive.com.
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New Zealand’s Prime Minister Christopher Luxon crossed the wires in the last hour, saying that the sharp deterioration of financial markets in early April has somewhat recovered, but markets remain volatile.
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On Thursday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.2073 as compared to the previous day’s fix of 7.2005 and 7.2385 Reuters estimate.
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People’s Bank of China USD/CNY reference rate is due around 0115 GMT.
The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently at +/- 2%.
How the process works:
This article was written by Eamonn Sheridan at www.forexlive.com.
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Barclays is warning that the U.S. economy remains on course for a recession, with the likelihood increasing as global trade tensions continue to simmer without resolution. In a note to clients, the bank said that persistent uncertainty around U.S. trade negotiations is weighing on business confidence and investment decisions, potentially tipping the economy into contraction.
While the bank continues to view a mild recession as the most probable scenario, it noted that such an outcome is “still avoidable if the trade war de-escalates quickly enough to prevent it.”
Barclays also flagged concerns over equity valuations, suggesting that further upside in stock prices is becoming increasingly difficult to justify. The bank cited downgrades in corporate earnings forecasts and what it described as “erratic” Trump policy execution as key headwinds.
This article was written by Eamonn Sheridan at www.forexlive.com.
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The NZD/USD pair is pulling back from a six-month high near 0.6025 reached earlier on Wednesday, trading around 0.6000 as investors react to the Federal Reserve’s (Fed) cautious policy tone and mixed economic data from New Zealand.
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EUR/USD stuck to its middling ways on Wednesday, remaining entrenched near the 1.1300 handle after the Federal Reserve’s (Fed) latest rate call went about as well as traders expected, albeit with a fresh batch of “wait-and-see” warnings from Fed Chair Jerome Powell.
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