ForexLive Asia FX news wrap: Weakest CNY reference rate since March 2008

Forex news for Asia trading Friday 23 August 2019

The slow slide for the onshore yuan was evident again today by a PBOC reference rate set at its lowest in 11 years but not low as was expected. Meanwhile USD/CNH (offshore yuan) spent much of the session weak also, around 7.10.

Forex news for Asia trading Friday 23 August 2019

NZD/USD was an early mover, moving up on comments from RBNZ Assistant Governor Hawkesby, followed by comments from Governor Orr (see bullets above). AUD/USD did not see much flow-on response, sellers of AUD/NZD holding it from gaining much at all.

USD/CAD is up on the session, CAD weighed on by news of restriction on its exports to Europe as well as continuing tensions with China. 

USD/JPY and USD/CHF also gained, Japanese bond yields still on the heavy side not favouring the yen but a still bid USD also a factor. Cable is a touch lower, as is EUR/USD. 

The market awaits Fed Chair Powell speaking at Jackson Hole. The full agenda was released earlier by the Kansas City Fed if you’d like to check it out. Bank of England Governor Carney is also to speak on Friday. 

Still to come:


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