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9 Jan 2020

Forex Today: Sell-offs in gold, oil and Bitcoin following Mid-East calm, central bankers eyed

Here is what you need to know on Thursday, January 9:

Mid-East tensions have significantly calmed as the US and Iran step back from the brink of war and despite several Katyusha rockets falling in Baghdad's tightly secured Green Zone. President Trump announced new sanctions against Tehran but also called for fresh negotiations following Iran's retaliation. Missiles sent against American bases in Iraq seemed aimed to miss. 

Stock markets are on the rise while oil and gold prices tumble down from the highs. USD/JPY has risen above 109 and AUD/USD has recovered as well. EUR/USD and GBP/USD have failed to pick a clear direction.

Chinese consumer inflation stood at 4.5% yearly in December, below expectations. Soaring pork prices are behind the high levels while producer prices remain negative at -0.5% yearly – a sign of a slowdown. 

Brexit: The EU and the UK remain far apart following a visit by European Commission President Ursula von der Leyen to Prime Minister Boris Johnson. Brussels remains skeptical about the chances of reaching a new trade agreement by the end of the year. 

Central bankers: Several Federal Reserve officials will be speaking today: Richard Clarida, Neel Kashkari, and John Williams. Mark Carney, the outgoing Governor of the Bank of England may be more open in his public appearance as he is set to step down. Stephen Poloz, Governor of the Bank of Canada, will also talk today.

Data: ADP reported an increase of 202,000 private-sector jobs in December, on top of an upward revision for November, raising expectations for Friday's Non-Farm Payrolls. US jobless claims are awaited today. 

Cryptocurrencies: Bitcoin has slipped below $8,000 amid a sell-off across the board. It may be tied to the relative calm in the Middle East. 

More Do manufacturing and service PMIs depict the same US economy?

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GBP Futures: extra losses likely in the short-term

CME Group’s advanced readings for GBP futures markets noted open interest increased by around 4.3K contracts on Wednesday, reversing the previous drop
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Malaysia: Foreign Portfolio climbed to multi-year highs – UOB

Malaysia remains an attractive destination for foreign portfolio inflows, according to UOB Group’s Senior Economist Julia Goh and Economist Loke Siew
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