Forex news for Asia trading Wednesday 27 March 2019
The Reserve Bank of New Zealand switched to an easing bias from their previous neutral outlook today. The NZD was marked much lower immediately and lost a little more ground as the session wore on, with a cascade of analysts calling dates expected for the cut. At least one has pencilled in May 8 (the date of the next RBNZ policy meeting, with a Monetary Policy Statement & media conference also).
The Australian dollar fell alongside the kiwi, although not to the same extent.
As it happened (read from the bottom up)
- NZD traders - Don't forget folks, RBNZ Governor Orr will be speaking on Friday
- What does the RBNZ move today mean for the RBA? 'Pressure on'
- Responses to the RBNZ continue - another bank looking for a 2019 rate cut
- Responses to the RBNZ continue
- Responses to the RBNZ policy guidance shift to dovish
- ANZ in New Zealand tips an RBNZ rate cut in November 2019 but say the risk is earlier
- NZD (and AUD) marked down on RBNZ dovish statement
- RBNZ on hold, as expected
Other:
- BoA see the AUD range bound in the near term, then higher
- China industrial profits biggest fall since 2011
- China data: Jan -Feb Industrial profits -14% y/y
- PBOC sets USD/ CNY mid-point today at 6.7141 (vs. yesterday at 6.7042)
- Barclays remain bearish euro - "Still waiting for the bottom out"
- CIBC on what is driving CAD (and no, its not oil)
- Reuters: Brexit turmoil hits UK firms' hiring plans
- Nomura's downbeat outlook for Australia includes two RBA rate cuts ahead
- RBA's Kent: Does not comment on the economy nor policy (so far)
- More from Moore (Moore will be the newest Fed "cut the rates!" guy)
- Over USD$180 million worth of gold has been stolen in the UK (Brexit related?)
- Trump's Fed nominee says Fed should immediately cut rates by 50 bps
- Chine Beige Book and China's Q1 "credit-soaked" recovery
- More from the yield curve inversion doubters
- More again from Fed's Daly: Appropriate policy is to be patient
- Brexit indicative votes ideas thread!
- Trade ideas thread - Wednesday 27 March 2019
- Private oil data shows surprise build in headline crude oil inventory
- Brexit - UK MPs have proposed 16 options for votes on Wednesday
There were other news items and data, notably comments from US President Trump's pick as s new Federal Reserve Governor Moore that he wants the Fed to cut rates by 50bp immediately. This sent USD/JPY down a few points only, and its tracked sideways since.
China published industrial profits data for (combined) January - February 2019, coming in at their worst since October of 2011. This was an added weight for the AUD (as if it needed it). Both AUD/USD and NZD/USD are barely off their respective lows as I post.
EUR/USD had lost ground during the European and US sessions, and it extended the fall a little further here in Asia today, towards 1.1250. CHF, too, has lost some ground against the USD during the session.
Cable is a few points lower heading into a very big Wednesday indeed. There are 16 'indicative' Brexit votes to come in the UK parliament.
Still to come:
