Forex news for Asia trading Wednesday 13 April 2016
- Ever wonder if your in the wrong game? Beggar caught making over 70,000 USD/mth in Dubai
- Fed's Beige Book due Wednesday - here's what to expect
China trade balance for March
- China customs spokesman nails it: Exports up partly due to low base last year
- China trade balance in US dollar terms out now
- AUD liking the China trade surplus (exports bounce back)
- China March Trade Balance: 194.6bn CNY (expected 203.65bn)
- BOJ's Harada: Japan prices do not appear to be rising
- PBOC sets yuan reference rate for today at 6.4591 (vs. yesterday at 6.4616 )
- NZ PM Key: Budget forecast will show growing economy
- Australia data - April Consumer Confidence: -4% m/m (prior -2.2%)
- OECD head Gurria says Japan should raise the sales tax as planned
- Japan March PPI (I can sense the excitement) -0.1% m/m (expected 0.0%)
- IMF comments on BOJ, intervention (and more)
- Trade balance data due from China today ... exports expected to have bounced back
- New Zealand data: March Food Price Index +0.5% m/m
- Want to have lunch with the world's best hedge fund manager?
- Largest oil-trading houses say the worst is probably over
- Trade ideas thread for Wednesday 13 April 2016
- More from Fed's Lacker: Pace of hikes for 2016 projected in Dec. likely appropriate
- Oil - American Petroleum Institute (API) data: Build of 6.2mln barrels
- Gundlach comments on the Fed, oil now - 'One and done' scenario likely
- More from Fed's Williams: Exact timing of next rate move isn't important
- Fed's Lacker: US eco strength makes policy divergence likely
China's March trade balance data (the improvement in exports) aided risk sentiment here in Asia today. The exports bounce came from a very low base (see this preview post), so I am wary of getting too excited about it, but markets have so far told me to go jump in a lake, with regional equities and 'risk' generally adding gains - AUD, NZD higher for example, and the yen weaker on the session.(USD/JPY higher at least).
Earlier in the session we got API oil stockpile data during the late US time, with a higher than expected build seeing oil prices shift lower from their strength during the US day. They've been more or less sideways in the hours since the API release.
Also late in the US day we had comments from the Fed's Richmond branch chief Lacker, and further mutterings from San Francisco head Williams ... both making remarks toward the the less dovish end of the spectrum, but neither with a big impact on markets.
The comments prize had to go to the BOJ policy board member Harad today who managed to contradict himself within mere seconds with:
- Negative rate policy has been exerting intended effects
- Too early to assess effects of BOJ's negative rate policy
Nice one.
Like I said earlier though, the yen weakened, so maybe what the BOJ needs to do more often is to unleash this guy on the market.
Regional equities:
- Nikkei +2.42%
- Shanghai +2.08%
- HK +2.25%
- ASX +1.40%
ICYMI:
- Data dependence is difficult when ... Fed officials are dismissing large swathes of the most recent economic data because they view it as unreliable
- Bank of America Merrill Lynch analysts say China GDP slowed to the weakest level in seven years
- Questions over Chinese data: "The data are remarkably smooth and you don't see that in other major economies"
