Forex news for Asia trading Thursday 24 November 2016
- China on the killing of TPP - "Go ahead ... make my day"
- Société Générale's EUR/USD forecasts (parity!) & the "splintering of Europe"
- Here's a post for the Aussies - the "two Australias" (& what to do about it)
- UK Office for Budget Responsibility puts cost of Brexit at 58 billion pounds
- Soc Gen on the yuan - risks for further weakness against USD
- BOJ dep. gov. Nakaso: Too early for specific exit plans
- PBOC sets USD/CNY mid-point today at 6.9085 (vs. yesterday at 6.8904)
- Australian PM Turnbull says govmt committed $80bn to infrastructure investment
- Morgan Stanley expect negative Q3 GDP print for Australia
- Japan - Nikkei Manufacturing PMI (prelim, November): 51.1 (prior 51.4)
- Singapore Q3 final GDP -2.0% q/q (annualised, seasonally adjusted)(expected -2.5%)
- Brexit - The Economist 2017 prediction: "Theresa May will have achieved little of substance"
- Japan official: Japan's FX policy will not change with switch to new US administration
- A UBS call on EUR/USD is probably not what you think (1.2 by end 2017)
- Australian Q3 GDP - heads up for a terrible result
- Wilbur Ross expected to be named Commerce Secretary by Donald Trump
- Japan press: BOJ plays trump card early to shock markets straight
More USD strength in Asia today, most notably against the CHF where the overnight USD/CHF high was pierced. USD/JPY lost some ground early but it found strength again. Unlike USD/CHF, though, USD/JPY did not manage to break its overnight high. EUR/USD, too, didn't quite manage a new low from its overnight. There was little in the way of news or data to drive moves.
AUD and NZD both dribbled down a little further against the USD, AUD/NZD support kept the NZ dollar as the weaker of the two.
The People's Bank of China sliced more from the value of the CNY against the USD again today, popping USD/CNY above 6.9 and to the weakest for the CNY since June 2008.
The SGD fell to a 10 month low today. Q3 GDP was weak, and forecasts for for both exports and GDP were downgraded.
The Reserve Bank of India were reported to have intervened to support the rupee (sold some USD/INR).
Gold is a few dollars lower, not a lot in it. Oil didn't do much either.
Regional equities:
- Nikkei +0.99%
- Shanghai +0.09%
- HK -0.35%
- ASX -0.08%
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