ForexLive Asia FX news: USD/JPY sinks a little more

Forex news for Asia trading Wednesday 12 July 2017
More USD weakness in Asia, not across the board though with a few laggards.
USD/JPY continued its move lower from overnight, shedding another 50 odd points from (very) early highs just over 113.90. A heads-up came to look out for the Bank of Japan buying more JGBs in today’s

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Bank of Canada meet today – preview

BoC meet today, decision announced at 1400GMT & accompanied by the July Monetary Policy Report
Prior previews:
This now, via CIBC (bolding mine):
We were way above market expectations for the path of overnight rates in Canada two months ago. But in the scramble to respond to the abrupt shift in the Bank of Canada’s tone, we were left

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US political risk weighs on market sentiment

A fresh rally in oil prices boosted energy firms in Asia on Wednesday although most equity markets struggled after two days of gains, while confidence was given a knock by fresh revelations regarding Donald Trump’s Russia links.

Crude, which has seen wild swings in recent months, has bounced back from last week’s losses with gains of more than one percent Tuesday on bets that US stockpiles had fallen last week.

Comments from the OPEC cartel that its output cuts with Russia were bearing fruit were also welcomed and on Wednesday Asian traders extended the oil rally, boosting energy companies in Hong Kong, Tokyo and Sydney.

However, the ongoing crisis surrounding Trump stepped up on Tuesday when his son Donald Jr released emails showing he had embraced Russia’s efforts to support the tycoon’s presidential campaign against Hillary Clinton.

The news is the latest blow to the White House, which has been battered by accusations over Russian collusion and accusations of cover-ups — fuelling worries about the president’s ability to push through his market-friendly economic agenda.

“Today’s revelation … has sent US political risk to another level,” said Stephen Innes, a senior trader at OANDA.

“Investors are once again questioning President’s Trump’s administration ability to pass through a pro-business agenda/attitude/stance to further stimulate the US economy.”

Tokyo ended the morning session 0.3 percent lower as investors grow averse to risky assets and opt for safer bets such as the yen, which hurts Japanese exporters.

AFP

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