Dollar inches up after Fed minutes, trade issues back in view

Asia shares steady after Fed minutes, Aussie rallies

To oversee the end of Australian exceptionalism would be unforgivable. They've singled out only Australian coal.

"Australians do a lot of trade with our giant neighbour to the north, however, we should be calm about this move".

Headline indices of the Australian financial market were higher after recouping initial losses on Friday, 22 February 2019, on reports that U.

In mid-morning trading, the dollar fell 0.2 percent against the yen to 110.63 yen, sliding for the first time in five days.

The Australian dollar rebounded after tumbling more than 1 percent on Thursday, after Reuters reported the Chinese port of Dalian had banned imports of Australian coal indefinitely.

Mr Birmingham urged caution on the issue as he added: "It's important to reiterate. that we went through a period of some similarity late last year but when all that was done and dusted both the value and volume of our coal exports in that fourth quarter last year to China were significantly higher".

In the currency market, the offshore Chinese yuan firmed to its strongest level since July past year on hopes of further progress in the Sino-U.S. trade talks, and was last trading at 6.7076 per dollar.

Spokesperson Geng Shuang made the comment at a regular press briefing in response to a question about a ban on imports of Australian coal.

Chinese officials are jamming up imports of Australian coal, with at least one major port suspending customs clearance, but Beijing has denied a report of an official ban.

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Traders will be looking too for hints about how far and how fast the Fed intends to reduce its balance sheet., the Cleveland Fed President, said Tuesday that she was in favor of ending the this year, an outcome that would leave a substantial amount of crisis-era liquidity in the system, capping any rise in market interest rates.

On Thursday, Reuters reported that China's Dalian port region would not allow Australian coal to pass through customs.

On the mainland, the Shanghai Composite was 1.91% higher at 2,804.23, and the smaller, technology-heavy Shenzhen Composite rose 2.28% to 1,477.25.

That move not only pushed up seaborne coking coal prices due to surging demand from China, but also resulted in buyers establishing longer-term business relationships with domestic miners to guarantee their respective supply. In recent months, Prime Minister Scott Morrison's government agreed to work with the USA on a naval base in Papua New Guinea, a move seen as a direct counter to China's growing influence in the South Pacific.

No reason was given for by the Dalian Ports Group for the decision, and ostensibly cutting the 40 day clearing time.

The Reserve Bank of Australia governor Philip Lowe expressed concern about the economic impact of a protracted ban by the nation's largest trade partner.

Birmingham explained that Chinese import quotas, combined with the testing of products for quality assurance, "may be slowing down the processing of coal in certain ports across China". Weaker coals make up the majority of Mongolian exports so in the short-term direct replacements for Australian coals would be limited. We have to wait and see.

The trader source does not expect China to ban Australian coal, especially metallurgical coal, which is used to produce steel.



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