ForexLive Asia FX news: Tariffs yes, no, maybe, I don't know ... can you repeat the question?

Author: Eamonn Sheridan | Category: News

Forex and Bitcoin news for Asia trading Thursday 8 March 2018

You may remember the song .... well it was a bit that way on the tariff question. Late US headlines were that yes, President Trump will be signing the new tariffs in on Thursday. We even had a precise time, 3.30pm Eastern (2030 GMT). Later though, new headlines hit that nope, the documents are still being drawn up and the lawyers are still in da house, so they won't be signed then. Who knows? Stay tuned to this capricious lot and see what happens.

USD/CAD was a mover, dropping away towards 1.2850 and MXN was on the move also.

For Turkey traders (the currency, Turkish lira, not the yummy poultry) news hit (early Asia) of a Moody's sovereign downgrade ... which didn't do the TRY any favours, natch.

Apart from this news flow was light and of little impact. We got Japan GDP (beat) Australia trade balance (beat) and China trade balance (beat) - see bullets above for more on these.

The yen has done little despite the data (it rarely does too much on Japanese data). USD/JPY has been confined to a 15 or so point range around 106.10.

The Australian dollar had run into a top around 0.7825 but managed a tiny wee poke above there on the release of the January trade data (and a much bigger than expected surplus), only to dribble back down toward 0.7820 and then edge back to circa 0.7835. NZD/USD is slightly up on the session, some early data (manufacturing for Q4) saw a little drop after, but this move was reversed.

Cable, CHF both quiet. EUR/USD is towards the lower end of a small range, just above 1.2400 as I update.

Gold is up a few dollars, and oil a few cents.

Still to come: