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Forex and Bitcoin news for Asia trading Thursday 24 May 2018

More risk wobbles and flows into yen again here in Asia today. The key drivers were new tariff proposals from US President Trump and comments from North Korea threatening the June summit meeting with the US.

The WSJ broke the story on new auto tariffs late in US day:

This quickly progressed from chatter from unnamed sources to Trump directing a new tariff investigation:

and then the Commerce Dept announcing:

From rumour to confirmation in only a few hours! Sorta like a news flash crash … Even the ‘fake news’ turkeys were left with their heads spinning! 😀

The trade tensions caused some sell off in risk. This was exacerbated by remarks from a North Korean official not only threatening the summit, but name calling the US Vice President!

The yen was a beneficiary through the session of the heightening in concerns. Yen crosses all slipped lower on a lower USD/JPY. 

There was some selling in AUD, NZD and CAD also but since the early moves these have retraced to be little net changed against the USD on the session. CHF and EUR, also little change.

GBP got a boost from some Brexit – (perhaps) postponing headlines. Let’s see if anything comes from these. 

China made conciliatory noises on trade, but giving too much away but sounding open to negotiation.

Still to come:

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