Forex news for Asia trading Monday 13 March 2017
- Japan - Tertiary Industry Index (January): 0.0% m/m (vs. expected +0.1%)
- European political risk make these 3 currencies high on the intervention risk list
- Goldman Sachs upgrades its view on Chinese shares - now overweight China equities
- Moody's: China's sustained capital outflows to challenge exchange rate stability
- BOJ preview - expected to keep monetary policy steady on Thursday
- Australian Treasurer Morrison says bond mkts assessing Oz risk positively
- India's plan to recycle thousands of tonnes of gold looks to have foundered
- China reported 61 fatalities, 160 cases of human infection from H7N9 bird flu in Feb
- Japan, still to come - an indicator of service sector activity expected to bounce
- More from China - Zero tolerance for faked data
- People’s Bank of China sets yuan reference rate at 6.8988 (vs. Friday at 6.9123)
- China press reports an official says PBOC should lower the RRR at an appropriate time
- Australian data: Credit card balances and purchases for January
- Early heads up for China IP data Tuesday (the whisper from NDRC Vice Chairman)
- Ex-GS Cohn, now Trump head eco advisor: Fed doing 'good job'
- Japan data - Machine Orders (January) -3.2% m/m (expected -0.1%)
- Japan data - PPI (February): +0.2% m/m (expected +0.2%)
- (Video) PIMCO on strong USD, asks "Where are the FX Opportunities in 2017?"
- More on the 1300 yen monthly pay rise for Toyota workers (Big Mac & fries, anyone?)
- Welcome to the new week .... WTI crude under $48
- W/e oil news: "Libya oil output said to drop" by about 80,000 bpd over past 10 days
- Plenty coming up this week - battle of the central banks (and green day Friday)
- More New Zealand - growth forecasts revised up, inflation forecasts broadly unchanged
- Japan press: Toyota plans base pay wage rise (1300 yen)
- Economic data due from Asia today
- U.S. Treasury Secretary Mnuchin plans currency devaluation message at G20
- More from w/e China: Economy - signs of improvement, little risk of hard landing
- China state researcher says economy risks have fallen, 'horizontal' growth seen
- More from w/e China - should control budget deficit
- Trade ideas thread - Monday 13 March 2017
- Germany's Schaeuble on limited scope for tax cuts, also on Turkey
- W/E oil - Russian Energy Minister Novak on decision whether to extend cut deal
- Australia asset sales "on ice" after state election result
- South Korea says it will intervene in currency markets "swiftly" if needed
- China - W/E news - Comments on Taiwan, trade wars
- Brazil power utility to sell stake, list offshore? Reduce debt, curb state interference
- Monday morning Forex prices, early indications: 13 March 2017
Weekend:
- Turkey says it will retaliate in the "harshest ways" after ministers barred from speaking in the Netherlands
- China's Pan says foreign debt risks are "controllable"
- Davis says UK government working on a contingency plan in case Brexit deal not reached with EU
- Merkel to lay out tax retaliation plans when she meets Trump
- BAML makes the case for buying EUR/JPY
- EUR/NZD is quietly on a tear. What it might mean.
ICYMI
- ForexLive Americas FX news wrap: US and Canadian jobs jump
A generally weak session for the USD (keeping in mind the Asian Monday session had only small ranges).
EUR/USD hit a higher high than Friday in US time (if my eyes don't deceive me ... it wasn't by much) at circa 1.0701. USD/CHF and cable did not manage to exceed their Friday extremes, but each are not too far away. Bring on Europe trading.
Aud/USD and NZD/USD showed some strength on the session, AUD/USD gaining on its US high to above 0.7570 while NZD/USD not quite managing to exceed its Friday high.
Data flow today was fairly light, prices at the business level in Japan (PPI) continued to edge higher. On the other hand core machine orders fell much harder than expected (an admittedly volatile data set, but still). Weekend news from Japan of only small monthly base wage increases at Toyota (an industry trend setter for pay), smaller than in the past 3 years.
Gold edged higher too, but oil was a laggard, WTI dropping under $48.
Regional equities:
- Nikkei +0.12%
- Shanghai +0.42%
- HK +0.89%
- ASX -0.42%
