Forex news for Asia trading Monday 11 July 2016
- Moody's on Brexit - could dampen demand
- Japan's Abe (the real election winning machine) to reshuffle cabinet in August
- Japan chief cabinet secretary Suga: Govmt to discuss economic package
- M6.4 earthquake - Ecuador
- China press: Xinhua says Abe election win a danger to regional stability
- Australia - May Home loans: -1.0% m/m (expected -2.0%)
- Moody's comment on Australia - Fiscal consolidation remains key
- PBOC sets USD/CNY central rate at 6.6843 (vs. Friday at 6.6853)
- Blind FX trader: “I hear the moves and make trades”
- Oil update - weekend comment from Saudi that oil mkt becoming more balanced
- Japan machine orders (May): -1.4% m/m (expected +3.2%). Money stock data also.
- China warns of economic cost if Australia sails within 12NM of new islands
- Morgan Stanley's weekly outlook for USD, EUR, JPY, GBP, CHF, AUD & NZD
- UK Chancellor Osborne to speak to US investors on Monday
- NZ data - June Card Spending; Retail +1.2% m/m (expected +0.5%)
- Brexit fallout - Will we get early information on recession signs this week?
- More on China's Commerce Minister announcing G20 agreement to boost trade
- SNB's Jordan weekend comments: Swiss franc remains significantly overvalued
- Trade ideas thread - Monday 11 July 2016
- Brexit fallout - BoE MPC this week (Carney the Cutter), also Eddie the Eagle for Labour
- Japan weekend 1/2 upper house election - win for Abe
- Lies traders tell you
- Brexit - Merkel: In my view, the decision has been taken ... next step ... Article 50
- Monday morning Forex prices, early indications: 11 July 2016
Weekend:
- UK opposition Labour Party now have a leadership battle of their own
- G20 trade ministers say "downside risks and vulnerabilities persist" in the global economy
- Turnbull declares victory but is still short of a majority
- China's Commerce minister Gao says G20 members have approved trade growth strategy
- China June CPI +1.9% y/y (+1.8% expected) and PPI -2.6% y/y (-2.5% expected)
- Turnbull nudging ever nearer to victory in the Australian 2016 elections
- G20 nations must lead the way in tackling the " complicated and grim" global economic situation
- North Korea launches another submarine-based ballistic missile
Equity markets carried on from where they left off on Friday. ES futures got within a bee's appendage of a new all time high for the spot contract.
The Nikkei wasn't left behind, it stacked on the gains today (some of it obviously a catch up to Friday night trade):
Japanese PM Abe and his coalition partners have secured a big majority in the upper house, perhaps enough for a 'super majority' of 2/3 of the seats. Abe will reshuffle the cabinet in August and his chief cabinet secretary Suga spoke of more economic stimulus today.
Across the FX markets it was a day of a small loss for the yen. EUR, CHF, AUD and NZD are all little net changed for the session after some early week minor moves lower for the currencies. GBP too is little different from its US close Friday.
Gold moved higher after its open, retraced it all and is now up just a little on the session as I update. Oil lost a few cents on the session.
Regional equities:
- Nikkei +3.47%
- Shanghai +0.91%
- HK 1.73%
- ASX +1.83%
Late addition ... the US 30-yr yield has fallen to a record low of 2.0903%
