Forex news for Asia trading on
BTC/USD moved a little higher
over the weekend but really rocketed during the Asian morning. Its
been on a steady recovery path since last week’s media event with
Wood, Musk and Dorsey but really surged here today. The narrative
that was applied (narratives are often back-fitted to price moves)
was related to the Amazon job ad for a digital currency and
blockchain expert, which led to speculation the firm would gear up to
accept crypto (currently it does not). The Amazon ad was reported on
late last week.
FX there were a few minor moves. Yen has appreciated, with USD/JPY
down from early highs around 110.55 to lows just under 110.35. CAD
has lost ground, USD/CAD has scaled slowly back to just above 1.2580.
AUD, too, lost ground against the USD, but only a few points while
EUR /USD is a touch higher than its late Friday level.
flow was light, as was data flow:
trade balance for June showed increasing exports and imports
PMIs from Japan (for July) were a little sad as the economy takes
continued hits from coronavirus impacts
focus is shifting towards the Olympics, plenty of financial market
players are tuning in to live coverage at the expense of markets! Who remembers when waiting for daily counts did not mean how many people are infected? Here’s what it used to be about: