Forex news for Asia trading Wednesday 13 September, 2017
- German Chancellor Merkel said to want to keep Schaeuble as fin min after election
- UK employment market reports for July/August due today - preview
- Euro industrial production data due today - preview
- US data coming up today - August PPI (ahead of CPI on Thursday) - preview
- NAB revise RBA view: Forecast hikes in Aug and Nov 2018, 2 more in 2019
- Japan, China, South Korean central bank governors to meet to discuss leverage
- PBOC sets USD/CNY central rate at 6.5382 (vs. yesterday at 6.5277)
- Fitch says that while China is supporting liquidity, some banks exposed to squeeze
- Westpac on the medium term outlook for RBA interest rates
- CitiFX Technical Strategy Research on EUR/USD charts - a triple negative divergence
- Australia data - Westpac Consumer Sentiment (September): 97.9 (prior 95.5)
- Reuters reports Japan's MUFG has picked Amsterdam as its EU investment base
- NAB on what the Bank of Canada rate hikes mean for the RBA & AUD/CAD implications
- Japan's quarterly Business Sentiment Index (BSI) for Q3 shows improvement over Q2
- Japan August PPI 2.9% y/y (expected 3.0%)
- Australia data coming up today - what to expect from consumer sentiment
- Big data day from the US on Wednesday - producer inflation the focus
- New Zealand data - August Food price index: 0.6% m/m (prior -0.2%)
- Japan PM - whoever is next governor, wants BOJ to focus on hitting inflation target
- On that election poll, the NZD and what to expect now
- Japan press reports Trump, Abe and Moon to meet September 21
- Bank of England meet Thursday - preview
- Canada fin min: Recent strength in CAD a clear reflection of our economic strength
- ICYMI: ForexLive Americas FX news wrap: JPY weakens again. Dollar mixed. Pound inflated.
- Jeffrey Gundlach comments: USD is overdue for a rally
- Welcome to the Wednesday trade ideas thread - 13 September 2017
- OIL - private inventory data shows build in US crude inventory
- Economic data due from Asia today - Wednesday 13 September 2017
Excuse the 'looking ahead' title to the wrap, but there was little to commend the Asian action today. Ranges were small in currencies, but at least there was some direction in the small moves.
Namely, a net weaker USD pretty much across the board. Against the USD EUR, CHF, GBP, yen, CAD, AUD all higher net for the session. NZD was a lagger.
NZD/USD fell early, dropping back toward 0.7250 (not quite getting there) after its poll-inspired rally during the London morning on Tuesday. There was little fresh new of significance about, but some stop loss selling under 0.7275 gave it the nudge a few points to the worse. Itds since come back to circa 0.7290.
Across the ditch, AUD/USD has net added a few points during the session, We got some data - a slight improve for consumer sentiment (still looking weak, though) - and we also got a revision in their Reserve Bank of Australia call from one of Australia's 'big four' banks; National Australia Bank revising their call to expect the next move from the RBA to be a series of hikes, albeit not until beginning in August of next year.
USD weakness was expressed also with higher EUR/USD, a few points up on the session. Cable, also, has gained, doing a better job of it too, up around 30+ points from early levels here.
USD/JPY moved above 110.20 again in early Tokyo but has since slid back towards the figure.
The People's Bank of China weakened the CNY against the USD at the mid-rate setting today after its huge up run in recent weeks. The Bank also injected funds into money markets today, although after maturities its a wash. Overnight and one-week borrowing rates for yuan in Hong Kong have risen quite sharply today, indicating at least some stress in demand for funds,
Still to come:
