Home News ForexLive Asia FX news wrap: China believes US insincere in trade talks – ForexLive

ForexLive Asia FX news wrap: China believes US insincere in trade talks – ForexLive

3 min read

Forex news for Asia trading Friday, May 17 2019

We didn’t get too much impactful news nor data today and forex reflected this in tight ranges.

Until, that is, news filtered out that Chinese state media carried reports saying China was not much interested in talks with US on trade for now. China says the recent approach from the US has lacked sincerity and that the moves against Huawei in past days are ‘tricks’.  

In past minutes USD/JPY has dropped towards 109.70 after being briefly above 110 earlier in the session. USD/CNY has been a mover today also, above 6.9 for the first time since December last year. While the PBOC is concerned that a weakening yuan will prompt capital outflow they are not doing much right now to halt the slide. 7 is perhaps a line in the sand but that is yet to come.

GBP is down a few points on the session, EUR is barely changed. NZD and AUD, too, are not too far away from late US levels. Australia heads into a Federal election this weekend (ICYMI) – polls are very tight but have the opposition slightly ahead.

Moves today for the Turkish Lira, with the US taking away Turkey’s preferred trade status. On the other hand steel tariffs on the country have been dropped back to where they were last year before President Trump doubled them. TRY is net weaker on the session.

Bitcoin too has been a mover, it plunged nearly a 1000USD to under 7000. The only news I have seen on it is the closure of a New Zealand ‘exchange’, but that’s was a couple of days ago so its hardly breaking.

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