The forex trading headlines for Asia Thursday 28 November 2013
- Australian Q3 capital expenditure: +3.6% (vs expected -1.2%)
- Australia Q3 Capex – 4th estimate for 2013/14 Capex spending: $ 167bn – more on the CAPEX data here
- Australia – HIA new home sales for October: -3.8% m/m (prior 6.4)%
- China industrial profits YTD y/y for October: 13.7% (vs. prior of +13.5%)
- China October industrial profits +15.1% y/y (September was +18.4%)
- New Zealand November business confidence, big jump to 60.5 (prior was 53.2)
- New Zealand November activity outlook, unchanged at 47.1 (prior 47.1)
- Japan – Retail Trade for October: -1.0% m/m (vs. expected -0.8%)
- Japan – Retail Trade for October: 2.3% y/y (vs. expected +2.1%)
- Japan Buying Foreign Bonds Y 1405.6bn (previous week was Y 349.9B)
- Japan Buying Foreign Stocks Y -91.6bn (previous week was Y -89.8B)
- Foreign Buying Japan Bonds Y -209.3bn (previous week was Y 25.8B)
- Foreign Buying Japan Stocks Y 707.5bn (previous week was Y 1294.9B)
- RBNZ says low-deposit lending fell to 11.7% of total in October
USD/JPY popped to new highs in very early Tokyo but ran into offers ahead of 102.30. It did not sustain the rise and more aggressive selling saw it di to below 102.00 before it settled around 102.05 for the balance of the session,
The biggest mover on the day was the AUD. Press carried an article on Goldman’s saying to ‘bet against’ the AUD. You know what they say about by the time the newspapers are running stories on currency moves … and sure enough, after the better than expected CAPEX headlines a triggering of short-seller stops took it above 0.9125 (9136 the high).
NZD/USD had an early scare on the ‘low-deposit’ headline (see bullets, above), but soon recovered to tick back to around 0.8170.
EUR,GBP, CHF all had quiet sort of sessions, each gaining slightly against the USD from earlier lows.
Asian stocks had another positive session.
