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Thursday, June 24, 2021

BTC drop on Musk’s broken heart

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Forex news for Asia trading on
Friday
4
June 2021

Bitcoin
dropped under US$38K on a tweet from TSLA CEO Elon Musk once again
announcing his break up with the crypto (he tweeted weeks ago on
better crypto alternatives). Pic
of the tweet is below, note the broken heart emoji (I’m not sure if
that is fundamental or technical analysis TBH).

Across
major FX we tracked more or less sideways ahead, of course, of the
much-awaited labour market report from the US, May figure for nonfarm
payrolls (due at 1230GMT).

Gold
was a little more decisive, it dropped towards US$1855 and as I
update its mid-range circa $1864.

News
flow was fairly light for the session, although we did get a cascade
of Australian analyst forecasts from the RBA, all looking for a mini
taper ahead (see bullets above).

Data
– we had Japanese household spending surging y/y but up only small
m/m. Y/y data continues to show the base effects of the economic
shock in H1 of 2020. Australian housing finance growth continues to
surge, what you get when interest rates are dribbling along at
historic lows.

For
previews of the nonfarm payroll report:

Forex news for Asia trading onFriday4June 2021



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