Forex and Bitcoin news for Asia trading Tuesday 12 June 2018
- White House says Kudlow in good condition after 'very mild' heart attack
- Australia - May business conditions 15 (prior 21) & business confidence 6 (prior 10)
- Australia - April Home loans: -1.4% m/m (expected -1.8%)
- PBOC sets USD/ CNY mid-point today at 6.4121 (vs. yesterday at 6.4064)
- Japan - PPI for May 2.7% y/y (expected 2.1%)
- Japan - Quarterly Business Sentiment Index (BSI) survey for Q2
- More NZ data: May retails card spending +0.4% m/m (expected +1.2%)
- China press today on PBOC, money market liquidity and potential for tightening
- German press says Germany wants Greece to get a financial 'cushion', not a debt cut
- New Zealand data - ANZ's Truckometer for May +3% m/m (vs. previous +2.7%)
- Trade ideas thread - Tuesday 12 June 2018
We got some USD shuffling about today as the Trump - Kim summit got underway in Singapore today. North Korea has been seeking meetings with the US to legitimise its regime for decades and today all the efforts paid off. There were plenty of photo ops as the leaders of the two countries shook hands and muttered sweet nothings, with an accompanying small but noticeable USD spike.
USD/JPY was first cab off the rank, consolidation on overnight staiblity to trade towards 110.50 ahead of the meeting. It has since drifted back a little.
Later we got a more broad based USD move, with EUR/USD down 30 or so points, USD/CHF up a similar amount. GBP, AUD, NZD, CAD all dropped against the USD by small amounts also.
AUD/USD and NZD/USD have since recovered to be higher against the big dollar on the session. We got data from Australia today, with continued declines for housing finance (extending to the longest consecutive run of decline since September 2008 .... dunno that that is a good thing!). We also got business conditions and confidence data, both lower but still at strong levels.
From NZ today there was the ANZ monthly Inflation Gauge, which rose just 0.1% m/m (data for May), this coming after 3 successive monthly declines ... another indication of inflation losing momentum. We also got data for retail spending, which was higher on the month although a miss on estimates.
Still to come:
