Forex news for Asia trading Tuesday 19 September, 2017
- Responses to RBA minutes coming in ... "not quite as upbeat"
- China's foreign minister says North Korea issue must be resolved peacefully
- HSBC expect Bank of England rate hikes in November 2017 & May 2018
- AUD response to minutes - pop n drop (plus, updates elsewhere)
- RBA minutes: Further rise in AUD would result in slower pick up in growth, inflation
- Option expiries Tuesday 19 September 2017
- PBOC sets USD/CNY reference rate for today at 6.5530 (vs. yesterday at 6.5419)
- Japan - Fiscal & monetary policy (& a new BOJ head?) if Abe wins an early election
- Japan finance minister Aso comments on sales tax
- Its FOMC week - preview (spoiler - normalisation start is a yawn, dots more interesting)
- Talk about bursting a bubble: Dutch tulip-mania is largely a myth
- Australia - ANZ weekly consumer sentiment: 114.8 (prior 109.8)
- Survey shows Japanese firms bullish on China economy
- PBOC meet Tuesday to discuss preliminary plan of big financial liberalisation measures
- NZD traders - heads up for the dairy auction due Tuesday, London time
- NAB on the NZ election & NZD: Fade knee-jerk NZD reaction to political developments
- A lot of 'news' around on a likely Japanese snap election - but here's the thing
- More on the RBA minutes coming up today and what "will weigh on AUD"
- RBA September meeting minutes will be out today - preview of AUD impact
- New Zealand Westpac Consumer Confidence (Q3): 112.4 (prior 113.4)
- Trump says believes Iran nuclear agreement deeply flawed
- ICYMI: ForexLive Americas FX news wrap: US dollar bid returns
- NZD traders - election Sept 23 - the risks for the currency
- Trade ideas thread - Tuesday 19 September 2017
Minutes of the September Reserve Bank of Australia meeting were the focus in Asia today. The minutes provided a snapshot of the Bank's thinking on the day of the meeting, and it was pretty much 'more of the same':
- Growth in employment ... but still slow growth in wages
- Low inflation
- Domestic economic data still leaning positive ... "gradual pickup" in line with forecast
- AUD weighing on growth and inflation, RBA not wanting it higher
The Australian dollar responded with a pop to above 0.7900 (after having crawled a little higher during the morning into the announcement) before dropping back under 0.7970.
Currency movement elsewhere was similarly restrained. USD/JPY chopped around 111.40/60 for the session with little to provide impetus. The Bank of Japan meet this week with the market expecting little fresh.
EUR/USD eked out a 20-odd point gain at one stage; again, little to drive it. USD/CHF is little changed while cable has managed a small gain.
After the USD/CAD move higher in the North American time zone, it continued its retrace in early Asia but popped a little from circa 1.2275 lows.
NZD/USD sneaked a few points higher throughout the session, the countdown is on into Saturday's election:
- NZD traders - election Sept 23 - the risks for the currency
- NAB on the NZ election & NZD: Fade knee-jerk NZD reaction to political developments
Still to come today:
More;
