Forex news for Asia trading Thursday 12 May 2016
- Kuroda on the yen - Desirable for FX to move in stable manner
- Taiwan hit by strong earthquake
- Some bad news for oil bulls. Kuroda thinks oil price higher.
- While we are talking about intervention (we are?) ... PBOC eyeing the yuan spread
- Kyle Bass says Hong Kong’s property market is in “free fall”
- Stop losses: No foolproof methods for knowing when to hold ’em and when to fold ’em
- More from BOJ's Kuroda - No problem with mkts being able to absorb govmt debt
- Australia - March Credit card balances $A51.8bn(prior $A51.9bn) & purchases $A25.5bn ($A24.2bn)
- PBOC sets yuan reference rate for today at 6.4959 (vs. yesterday at 6.5209)
- BOJ Governor Kuroda speaking ... economy has continued its moderate recovery trend
- Australia - Consumer Inflation Expectation (May): 3.2% (prior 3.6%)
- NZ finmin English: New Zealand to bring forward spending in budget
- ICYMI - Newbie BoE member says Brexit will force rates to 3.5% in 18 months
- Deutsche Bank on USD/JPY, a lower range rather than a higher one
- Japan - BOJ Summary of Opinions of the April meeting
- Japan data - BoP Current account balance for March: Y 2980.4bn (expected Y 2968bn)
- CBA on the NZD - lowers 3 month forecast
- The ICYMI file: Kuroda spoke overnight (No, not in his sleep)
- JP Morgan calling AUD to 65 cents (by June 2017)
- New Zealand - Food Price Index for April, 0.3% m/m(prior +0.5%)
- New Zealand - BusinessNZ Manufacturing PMI for April: 56.5 (prior 54.7)
- I wanna take a holiday until the Fed hikes ... when will that be?
- Fed economist tells us to stop looking at equity markets for policy clues
- Thursday 12 May 2016 Trade ideas thread
Yen, NZD and AUD all movers today (not huge, but notable nonetheless).
The current account surplus for Japan was announced - it came in at its highest since March of 2007 (lower oil costs contributing). Persistent surpluses on this measure underpin the role of the yen as a 'safe haven'.
USD/JPY was a little weaker earlier in the session, but after dipping to around 108.25 it moved higher, Japanese banks cited as substantial buyers. And its near session highs around 108.60 as i update.
AUD was a big loser, nearly one-way traffic to around 0.7330 before some stability crept back in. Cross sellers cited.
NZD/USD moved a little higher but more or less steady net-net on the session (up a few points maybe). NZD buyers against the AUD helping it along.
EUR, CHF, GBP all quiet in small ranges.
Gold fell after some early modest gains, but its only down around 5 or so dollars, so not much in it. Oil is little net changed.
Regional equities:
- Nikkei -0.17%
- Shanghai -0.29%
- HK -0.42%
- ASX -0.47% (Westpac ex-dividedn today didn't help the index)
Still to come: BOE Preview:Traders start to eye its latest inflation report and interest rate decision
