Forexlive Asia-Pacific news wrap: Dollar off to a good start to the trading week on tax reform
Forex news for Asian Pacific traders on December 4, 2017.
- BOF's Villeroy: Recovery in Eurozone is gaining momentum
- Is it too early to be talking about Fedcoin?
- Forex technical analysis: USDCHF bounces back
- Bloomberg survey - RBA expected to hold cash rate steady at 1.50% at tomorrow's meeting
- A checklist of the path to US tax reform by CBA
- Forex technical analysis: GBPUSD remains below the shorter term MAs
- US tax reform - time to reconcile the differences
- Forex technical analysis: EURUSD can't do much below 200 hour MA, but....
- Japans Nikkei 225 falls -0.20% at the morning close
- Oil prices are lower by -$0.43 at $57.93
- PBoC sets Yuan mid-point at 6.6105/Dlr vs last close 6.6206
- Australian 3Q inventories rise 0.2% versus estimate of 0.0%
- Melbourne Institute Aust. November inflation index rises 0.2%
- Japan monetary base for November YoY up 13.2% vs 14.5% last month
- London's Telegraph is reporting the treasury is looking to regulate Bitcoin
- Richmond Fed chooses Thomas Barkin as its new president
- Dollar is higher as focus shifts back to tax cuts
- Juncker and Barnier to meet MEPs before lunch with May on Monday
A snapshot of other markets is showing:
- Spot gold down -$5.89 or -0.45% at $1274.70
- WTI crude oil down -$0.43 or -0.74% at $57.93
- US yields are higher. 2 year 1.802% up 3 bp. 10 year 2.40%, up 3.9 bp
- US stock futures are higher with S&P mini's up 16.5 points and the Dow futures trading up 232 points.
- Asian stocks are mixed: Japan Nikkei is down -71 points or -0.31%. Shanghai composite is up 2.4 points or +0.07%. Australia's S&P/ASX down -4.1 points or -0.07%. HK Hang Seng up 201 points or +0.69%
- The Flynn guilty plea reported on Friday was less than first thought as he was not instructed to contact Russia by Trump before the election but after (or so it now seems).
- The Senate passed their version of tax reform on early Saturday morning. Next step bringing the House and Senate version together and coming to an agreement on a united tax reform bill.
For the USDCHF, the pair rallied up toward the near converged 200 and 100 hour MAs at 0.9828-32 area. The high so far has reached 0.98285. A move above will be needed to keep the momentum going.