Forex news for Asia trading Wednesday 16 November 2016
- Oil wars - how Kremlin's $13 billion Indian deal almost fell apart
- Former BOJ executive director says the bank is still too optimistic on inflation
- Another credit indicator financial warning sign flashing in China
- More delays on New Zealand economic data
- Gundlach warns a reversal could take hold if Trump expectations are dashed
- Mkt pricing in RBA rate hikes today for the first time since late 2014
- Saudi Arabia's warning to Trump on blocking oil imports
- PBOC sets USD/CNY central rate at 6.8592 (vs. yesterday at 6.8495)
- Japan fin min Aso: USD rising on the assumption that US rates will rise
- Australia - Q3 Wage Price Index: +0.4% q/q (expected +0.5%)
- RBA outlook for the December meeting - "virtually no chance of a policy move"
- Australia - Westpac's leading index, October: +0.06% (prior +0.06%)
- ANZ revise yuan forecasts lower
- Bank of Japan Governor Kuroda to appear in Diet today, from 0150GMT
- Dalio: "Good chance that we are at one of those major reversals that last a decade"
- Trade ideas thread - Wednesday 16 November 2016
- Oil - private inventory data shows a bigger than expected build
- Ford's CEO says going ahead with moving small car production to Mexico
- $3.7 billion hedge funder pays out on "the kids of today"
- Aussie press on RBA's Lowe speech overnight
- CNN report Merkel will run for a 4th term next year
Some decent ranges (for an Asian session) again today, with EUR, CHF and GBP all gaining a little against the USD. News and data flow was very light indeed.
GBP is an interesting one, it had jumped in the NY afternoon on a repeat of the story that Brexit might be delayed up to 2 years, only to retrace. But it edged higher during Asia on ... well, nothing new.
USD/JPY came off slightly, managing to stay around 109 for most of the session without making a fresh high.
AUD and NZD edged a little higher against the USD through the first part of the session but have both given back most of the gain (it wasn't much of a gain to begin with). Data from Australia today showed weak wage growth, again (lowest in the series record - since 1997). Data for NZ is still absent (Stats NZ is pretty much offline following Monday's earthquake).
Gold is higher on the session.
The People's Bank of China set the USD/CNY higher again today, weakest for the CNY against the big dollar since August of 2008. ANZ today made note that:
- Yuan weakness predominantly driven by dollar strength
- RMB Index has remained within a stable range. .See bullets above for the link to ANZ revised forecasts for USD/CNY.)
Regional equities:
- Nikkei +1.19%
- Shanghai -0.14%
- HK +0.61%
- ASX +0.05%
- Not equities, but iron ore China today closing in on limit down, rebar down also; these two have been on the slide this week.
More:
- Japanese yields pushed higher again today, 5 year and 10 year JGBs yield highest since February
