ForexLive Asia FX news: Macron to May: "This is how we do it"

Forex news for Asia trading Monday 12 June 2017

Some weekend news of fake economic data out of a Chinese province
Plenty of data from China due this week - financing, industrial production & more
Recap of Japan data - capex "will likely remain lacklustre in the current quarter"
Its FOMC week - preview from BoA/ML (spoiler, expect a hike!)
People’s Bank of China sets yuan reference rate at 6.7948 (vs. Friday at 6.7971)
3 takeaways on French parliamentary election’s first round
NZIER cuts its 2016/17 NZ economic growth forecast
Its FOMC week - preview from Goldman Sachs (spoiler, expect a hike!)
China Commerce ministry to “substantially” cut restrictions on foreign access to markets
Japan - PPI for May: 0.0% m/m (vs. expected 0.1%)
Japan - Machine Orders for April: -3.1% m/m (vs. expected 0.5%)
Italy local elections on Sunday: 5-Star Movement setbacks
UK card spending data (Visa); consumer spending falls for first time in around 4 years
NZ data - Card spending, Retail (May) -0.4% m/m (expected 0.2%)
North Korea press says country is "not too far away" from test-firing an ICBM
Weekend OIL - Russia's Novak says no need to review oil output cut deal
Fitch, Moody's and S&P all issued statements on the risks from the UK election
ANZ on the Australian dollar - forecasts
ANZ's "significant policy challenge for the RBA" ... on hold but all risks to the downside
Japan press: Abenomics enters fifth year without clear results
Key economic releases this week
OIL - Qatar's energy minister: Country remains committed to oil output cut deal
French election (round 1) update - Macron expected to get big majority
Trade ideas thread - Monday 12 June 2017
Economic data due from Asia today (& early forex rates update)
Monday morning FX - 12 June 2017 - foreign exchange prices, early indications

Weekend

Sterling to drop further after UK elections - Credit Agricole
France goes to vote in another crucial election
UK political landscape still very far from clear
Move over UK, it's French election time now
Davis stays on as UK Brexit Secretary
Merkel says EU is ready to begin Brexit talks
China - Goldman Sachs on the changes to yuan fixings - still set to decline

ICYMI:

Forexlive Americas FX news wrap: Nasdaq tech tumble steals some UK election thunder

GBP the mover again in Asia today, but not nearly to the same extent (not even close) that we saw on Friday during the election counting (i.e. Thursday night UK time). From lows circa 1.2705/10 in the early morning cable gained back to around late NY Fridy levels before popping in the late Tokyo morning and hitting highs just shy of 1.2770. GBP gained a little net on crosses also, with other currencies sitting in mostly subdued ranges for the session.

EUR/USD has traded a little higher, to above 1.1210, and its just under there as I write. USD/CHF is flatter, in a narrow range around 0.9685 for the day here.

USD/JPY edged above 110.40 in early trade and has since given a little back toward 110.15. Data for inflation at the producer level (May) was flat on the month but above 2% for the y/y, which may argue for higher CPI to come and thus a yen positive (to the extent it may take some easing pressure off the BOJ) but very poor machine order data also out today would seem to counteract that. Perhaps the very tight USD/JPY range is an indicator the market shares the 'on the one hand, but on the other' take on the data today.

Australian markets were closed for a holiday today, but FX can trade anywhere so we did see some (admittedly very little) activity on the AUD; a tight range only. NZD/USD did little better, a tight range there also. USD/CAD slipped a few points, down from 1.3460+ highs toward 1.3440.

A subdued beginning here in Asia to US Federal Reserve Federal Open Market Committee week, see the bullets above for a couple of FOMC previews.

Regional equities: