Forex news for Asia trading Tuesday 24 January 2017
- China's clampdown on capital outflows expected to reduce overseas property investment
- Important NZ news: In-N-Out Burger now open in Auckland
- MSCI head expresses concern on China capital controls
- 5 things to watch from the U.K. Supreme Court’s Brexit ruling
- Goldman Sachs' Hatzius on the economic implications of Donald Trump's agenda
- ‘Godfather’ of chart analysis says Trump rally has another 5% pop left
- Japan PM Abe: Hopeful for wage rises in spring negotiations
- If you are wondering what time the UK court decision on Brexit is ... 0930GMT!
- Goldman Sachs forecaster urges China to tighten monetary policy
- People’s Bank of China sets yuan reference rate at 6.8331 (vs. yesterday at 6.8572)
- Japan data - Nikkei Manufacturing PMI (January, preliminary): 52.8 (prior 52.4)
- China yuan central rate coming soon ... meanwhile some China headlines
- NZ government to lift the minimum wage
- Goldman Hatzius: US economy in pretty decent shape, basically full employment
- Two Goldman Sachs headlines you're gonna love (guaranteed!)
- More on "Mnuchin Says Excessively Strong Dollar May Hurt U.S. Economy"
- Australia data - ANZ Weekly consumer confidence: 117.0 (prior 119.3)
- New Zealand - Services PMI for December: 58.4 (prior 57.9)
- USD on the slide again, lower across the board - Mnuchin comments
- HSBC says 'rock star economy' is once again "firing on all cylinders"
- Trade ideas thread - Tuesday 24 January 2017
There was an early move (or late NY if you prefer) on comments from likely US Treasury Secretary Mnuchin (he has not yet been confirmed, awaiting a Senate vote) that the USD was too high
- Excessively strong' USD may be negative in short term
- More on "Mnuchin Says Excessively Strong Dollar May Hurt U.S. Economy"
Currencies gained ground against the USD on the comments, but not big moves. EUR/USD popped to above 1.0770 (up around 30 points or so) and USD/JPY traded down toward 112.50 (down around 50 points odd) for example. USD/CHF dropped, AUD, NZD and GBP all higher.
Moves were more mixed as the Asian session progressed, EUR, CHF, yen, NZD all failed to make new highs against the USD, while AUD and GBP both popped just a little further.
Apart from Mnuchin's comments, fresh news and data flow was very light. The Japanese December (flash) manufacturing PMI showed further improvement
Gold was a beneficiary of the comments early also, but it too has settled mainly sideways since. Oil has edged a few cents to the better during the session.
Regional equities:
- Nikkei -0.15%
- Shanghai +0.10%
- HK +0.31%
- ASX +0.71%
Still to come:
- If you are wondering what time the UK court decision on Brexit is ... 0930GMT!
- 5 things to watch from the U.K. Supreme Court's Brexit ruling
- What to watch for in the Brexit Supreme Court ruling
