Forex news for Asia trading Monday 20 March 2017
- Spending across the Australian economy slowed sharply last month
- ECB's Visco: Could shorten break between QE exit & rate hike
- CHF: SNB to lag ECB in normalization; What does it mean for EUR/CHF? - SocGen
- Japan press on Kuroda: "The big money is on BOJ chief being reappointed"
- G20 - WSJ says "Divisions on trade dominate"
- China - Fresh moves to curb shadow banking
- PBOC all but admits its under the spell of the "Yellen effect"
- USD weakness (small) persists in Asia
- NZD - RBNZ meeting this week - preview (& a preview of the GDT auction Tuesday)
- RBA's Ellis - Speech on Women in the Economy and in Economics
- It looks like EU / Japan free trade deal talks will accelerate
- PBOC sets USD/CNY reference rate for Monday at 6.8998 (vs. Friday at 6.8873)
- Weekend data from China - February new home prices +11.8% y/y & 0.3% m/m
- Some China items today - OMOs as a policy tool,
- The Federal Reserve doing the Spinal Tap thing this week, 11 Fed speakers (11!)
- UK data - Rightmove House Prices for March: +1.3% m/m (prior +2.0%)
- ANZ forecasts for the Chinese yuan - weaker on further USD strength
- Japanese markets closed today for holiday
- Goldman Sachs on the debate within the FOMC about balance sheet normalization
- Australia - How long before the lights go out?
- Economic data due from Asia today - RBA speaker
- Trade ideas thread - Monday 20 March 2017
- More NZ data - February services PMI drops to 58.8 (from 59.5 in January)
- Starting off the new week right - don't forget the 'if-should' rule
- NZ data - Westpac NZ Consumer Confidence for Q1, drops to 111.9 (from 113.1 prior)
- The G20 weak position on trade in communique - win for US over Germany?
- Monday morning opening FX indicative prices - 20 March 2017
Weekend:
- Neel Kashkari asks the question every trader should always have on his mind
- US agrees to work with China regarding North Korea
- Berry now heading to his own promised land
- Sturgeon insists Scottish independence vote must take place before Brexit
- Full text of the G20 statement from Baden-Baden
- Mnuchin: The relevant part of G20 statement is on correcting imbalances
- Don't let anyone tell you rate hikes boost currencies
- Trump stirs up defense spending debate on twitter
- French finance minister says he regrets G20 discussion wasn't satisfactory
- PBOC's Zhou says Chinese economic growth prospects have improved
- Protectionism and open trade commitments removed from final G20 statement
- There aren't too many fans of privatization left
- New home prices rise in 56 Chinese cities vs 45 in January
- G20 probably won't include any mention of trade in communique
Friday
- ICYMI Forexlive Americas forex news wrap: USDJPY cracks below the 100 day MA
'Nearly' across the board, with GBP underperforming at flattish on the session against the USD while other currencies managed (admittedly small) gains against the USD
The G20 Communique was issued over the weekend, the key take-away would appear to be the lack of full blooded support for free trade that we are accustomed to:
- G20 - WSJ says "Divisions on trade dominate"
- It looks like EU / Japan free trade deal talks will accelerate
- The G20 weak position on trade in communique - win for US over Germany?
News flow during the session here in Asia was light, data flow too.
It was a Japanese holiday today (markets there closed), which may have contributed to the lacklustre session. Despite this, though, there were some decent sized (for an Asian session) gains for currencies:
In China the PBOC did a net injection of funds into the money market via today's OMOs, ending a 17-day run of net liquidity drain.
Oil is lower, rising rig counts and Libya to restart shipments this week being cited as weighing.
Regional equities:
- Nikkei ... Japanese markets closed today
- Shanghai +0.07%
- HK +0.57%
- ASX -0.54%
