Forex news for Asia trading Friday 21 October 2016
- More from BOJ head Kuroda: Inflation is proceeding towards 2% goal
- China's SAFE says cross-border capital flows should be stable going forward
- EUR, CHF, GBP, AUD, NZD all dripping lower
- China house price data for September revised higher
- China business indicator for October -6.5% m/m
- PBOC sets the TGIF USD/CNY mid-point at 6.7558 (vs. yesterday at 6.7311)
- BOJ's Kuroda says the bank will evaluate appropriate yield curve at every meeting
- ANZ expect EUR/USD lower, says the 'case for stronger dollar builds'
- Goldman Sachs expects the RBA to begin tightening cycle in early 2018
- Japan finance minister Aso says Rengo goal of 2% wage rise not strange
- EU's Juncker says discussion on Canada trade deal continue through night
- EU's Tusk comments after summit in Brussels - Its clear Russia aims to weaken EU
- UK PM May comments: Aiming for minimal Brexit disruption
- World Bank raises its 2017 price outlook for metals & oil
- Largest oil services company Schlumberger expects improved activity in 2017
- German fin min monthly report says economy remains on a solid footing
- Japan's largest unions to seek ~2% increase in base wages during spring 2017 negotiations
- New Zealand September Net Migration: +6340 (prior +5600)
- Morgan Stanley says 200K jobs at risk in Australia, expect more RBA rate cuts
- Trade ideas thread - TGIF 21 October 2016
- Australia Q3 business survey: "solid near-term activity for the non-mining sector"
As the title to the wrap says, EUR lower on the session; continuing with its losses during the European/US times. There were losses in other currencies also, probably best summarised as broad USD strength. Broad but not deep. The moves we had in the Asia session have been shallow, not too big at all.
USD/JPY, USD/CHF made new highs compared with the European/US session, while EUR/USD a fresh low. NZD/USD, too, a fresh low. AUD/USD made a very early fresh low but is little net changed since. GBP/USD held above its overnight low. Ranges for all were subdued compared with the overnight.
News and data flow was very light indeed; comments crossing from BOJ Governor Kuroda, China house price data showing more strong gains, and a big devaluation again today from the PBOC for the CNY against the USD. The weakening of the CNY today saw trading of USD/CNH hit its highest since September of 2010 (i.e offshore yuan at its lowest in 6 years)
Gold has lost ground, down just a few dollars
Regional equities:
- Nikkei +0.13%
- Shanghai -0.36%
- HK markets were closed for the morning session due a typhoon alert. ADDED - HKEX is closed for the rest of the day no trading at all.
- ASX -0.19%
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