Australian PM Morrison: Considering making Australia a safe haven for Hong Kong

Dhwani Mehta FXStreet

While speaking at an event on Thursday, Australian Prime Minister Scott Morrison confirmed that his country is prepared to 'step up and support' Hong Kong citizens.

Key quotes

“We are considering very actively and there are proposals that I asked to be brought forward several weeks ago and the final touches would be put on those and they’ll soon be considered by Cabinet to provide similar opportunities and we think that’s important and very consistent with who we are as a people and very consistent practically with the views that we have expressed.”

“...When we have made a final decision on those arrangements then I’ll make the announcements, but are you asking are we prepared to step up and provide support? The answer is yes.”

Earlier this week, the UK said they will offer safe haven to three million Hong Kong citizens, opening up the pathway for them to receive citizenship.

Market reaction

With the above comments, the risk sentiment has taken a hit, as they may not go down well with China and add to ongoing Australian-China rift.

AUD/USD eased-off daily highs to now trade at 0.6911, almost unchanged on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.