Shares in WeChat parent company Tencent are down 10% after the Trump EO
Trump signs executive order to address threat of WeChat
To ban doing business with the firm.
Shares in parent company TenCent have been pounded, down 10% as I post.
Westpac's fair value for AUD/USD is around 0.77
The background to this is the RBA moved its assumed AUD level in today's latest Statement on Monetary Policy from 0.64 in May to 0.72
China July trade data, exports +7.2% y/y in USD terms
Big, big beat for exports.
Data from China is sometimes thought to be a little suspect in terms of veracity.
China July trade data, exports +10.4% y/y in yuan terms
ForexLive Asia FX news wrap: Trump targeting WeChat, TikTok
Forex news for Asia trading
Trump signed executive orders
to cut US business ties with both WeChat and TikTok (effective in 45 days
time). While the TokTok move was not a big surprise
the move against WeChat is arguably more significant - the tool is
widely used for cross border (notably
North America & China) communication
by business and consumers.
Japan fin min Asao says government finances facing a difficult situation
Not considering cutting the sales tax.
With huge fiscal support payouts in Japan and indeed right around the globe, Aso is not alone in pondering the financial challenges governments face. With rates at super low levels thought that's that's a bit of a help.
More from RBA's Ellis - job support packages will make recovery a little stronger
- employment will now not decline as much as forecast
- still a pretty weak outlook given the lock restrictions in state of Victoria
ICYMI - Russia and China are partnering to reduce their dependence on the US dollar
Data via from Russia's Central Bank and Federal Customs Service, reported in the Nikkei overnight.
RBA's Ellis says will maintain loose policy for as long as required
Reuters, bolding mine.
RBA statement says sees pace of recovery slower than previously forecast
more to come
RBA Governor Lowe: