Forex news for Asia trading Friday 15 April 2016
China data
- China fiscal spending +20.1% y/y in March
- China's Economy Stabilized in First Quarter
- China data showing economy growing well. Isn't that just peachy?
- More China data, March New Yuan Loans 1370bn CNY (expected 1100bn)
- China March data: Ind. Prodn: 6.8% y/y (expected 5.9); Retail sales 10.5% y/y (10.4 expected)
- China Q1 GDP: 6.7% y/y (expected 6.7%, prior 6.8%)
- Japan finance minister Aso comments on FX, intervention ...
- RBA Financial Stability Review: Fin system in good shape
- PBOC sets USD/CNY mid-point today at 6.4908 (vs. yesterday at 6.4891)
- Tokyo fix out of the way, what next for USD/JPY?
- EU's Dombrovskis: "Deal with Greece on reforms within reach"
- Reports North Korea tried but failed to launch missile on Friday morning
- Australian Treasurer Morrison says won't raise tax in budget
- Citi survey highlights 100 and 105 in USD/JPY as likely intervention
- When this bubble bursts the bailout will have to be the biggest ever
- Fitch on Australian credit (spoiler alert - "dour outlook for credit conditions")
- Reuters: "BOJ warming to idea of buying more stocks funds -sources" (ETFs)
- IMF comments on China - more (MOAR!) stimulus necessary
- Expectations are high for oil meeting this weekend - but will it be a Doha dud?
- PBOC dep gov "pressed repeatedly" for clarity on yuan policy
- Nothing on the telly? How about this Goldman Sachs FX video? (USD, CAD & more)
- Trade ideas thread - Friday 15 April 2016
- EU's Dijsselbloem: Greek reform program is not in trouble
It was a big data dump day from China today.
Big dump.
GDP, industrial production, retail sales, asset investment ... pretty much everything came in at a beat on expectations.
The data from China is often questioned, its veracity, and today was no different. One thing to note though is that along with the data was that for new yuan loans and Aggregate (Social) financing for March. Aggregate financing for March came in at triple that the prior month. Triple. If the GDP, IP, sales data is to be believed, maybe the enormous jump in credit is why. Monetary (and fiscal) support appears to be stabilising the economy.
The response of the AUD to the data has been subdued. It had traded higher in the hours leading up to the release, from an earlier low (AUD/NZD selling earlier saw AUD/USD held under 0.7700 while NZD/USD was a better performer). In the hours following the Chinese data its ticked back down, back under 0.7700 as I update and looking like its doubting the data.
USD/JPY (and yen crosses) had a good morning in Tokyo, USD/JPY topping around the time of the fix (although its not too far off session highs as I update). EUR, CHF and GBP were all held in small ranges against the USD.
Gold and oil have both edged up (very small).
Regional equities do not seem enamoured by the China data either ...
- Nikkei -0.41%
- Shanghai -0.26%
- HK -0.23%
- ASX +0.31%
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