Forex news for Asia trading Friday 28 December 2018
- Japan's Nissan and Mazda are cutting output in China by around 20%
- China's of new law on foreign investment (ahead of trade talks with US)
- Japan’s industrial output contracted in November … a sign of fragility
- China approves 71.1bn yuan rail project
- PBOC sets USD/ CNY reference rate for today at 6.8632 (vs. yesterday at 6.8894)
- China will be imposing anti-dumping tariffs on some US products
- BOJ Summary of Dec meeting: Risks to growth rising
- Japan data - Retail sales for November -1.0% m/m (expected -0.4%)
- Japan data - preliminary November industrial production: -1.1% m/m (expected -1.5%)
- Japan data - Tokyo headline CPI y/y for December: 0.3% y/y (expected 0.5%)
- Japan data - Jobless Rate for November: 2.5% (expected 2.4%)
- UK press - Corbyn challenges May to recall parliament for Brexit vote
- Trade ideas thread - Friday 28 December 2018
- US private survey oil inventory data - build in headline crude stocks
Currencies had some moves here in Asia today on flows in thin markets rather than on much in the way of news nor data.
The news wires were quiet (there are a few bits and pieces above in the bullets) while data releases were substantial from Japan (again, bullets above), showing a little weakness on the economic indicators published today. Also from Japan was the 'summary' of the most recent BOJ meeting (December 19-20) which generally read on the downbeat side.
Despite the negative inputs for the yen it gained points on the session, with USD/JPY sellers taking it back towards its overnight low in thin trading conditions (which will continue into next week). USD/CHF fell also.
A recovery for US stocks from early selling (this all in overnight trade, not here) played a role in some of the flows into AUD, EUR, GBP, & NZD, all of which added points against the USD to greater or lesser extents (and in not large ranges). Gold edged back to its overnight (US time) high.
Still to come:
