Forex news for Asia trading Friday 29 March 2019
- China’s two largest state-controlled banks post their weakest quarterly profit growth in more than two years.
- Brexit, bonds, euro, CHF - what to watch for possible SNB intervention
- Where to for the RBNZ? Another "will cut rates twice this year … first probably ... May"
- Reuters poll of analysts on Fed outlook - most expect no hike this year
- PBOC sets USD/ CNY reference rate for Friday at 6.7335 (vs. yesterday at 6.7263)
- Japan Fin Min Aso: No change in view that the global economy is recovering moderately
- US Treas Sec Mnuchin says nothing of substance on China talks
- Australia private sector credit for February: 0.3% m/m (expected 0.2%)
- UK Times: Deadlocked Britain faces further year before Brexit
- UK data - GfK Consumer Confidence -13 (expected -14)
- More from Fed's Bullard - sees likely growth rebound in Q2, economy still in good shape
- Japan industrial production for February, preliminary: 1.4% m/m (expected 1.4%)
- Japan retail sales for February: 0.2% m/m (vs. expected 1.0%)
- Japan unemployment rate (February) 2.3% (expected 2.5%)
- Japan inflation - March Tokyo area headline CPI: 0.9% (vs. expected 0.9%) (core inflation in post)
- Fed's Bullard: Normalisation process in US is at an end
- Morgan Stanley on USD/JPY - like the downside
- When will the RBNZ cut the cash rate? Another bank weighs on with a forecast.
- Brexit - the vote coming up on Friday (UK time), what it is and what to expect.
- CBA on the Australian dollar (and rates)
- New Zealand Building Consents (permits) data for February: +1.9% m/m (prior +16.5%)
- Full text of Fed St Louis Bullard article, link
- NZ data - ANZ Consumer Confidence (March): +0.8% m/m (prior -0.7%)
- RBNZ's Gov. Orr says the Bank's easing bias is a starting point for policy committee
- Brexit - DUP says (once again) it will vote against PM May's deal
- Trade ideas thread - Friday 29 March 2019
- RBNZ Gov. Orr: says Bank remains focused on inflation and employment objectives
We had plenty of data and various news items hit today: inflation data from Japan (Tokyo area), more NZ data, a Federal Reserve speaker (Bullard) and more. Despite all this the only move of note was a surge in USD/JPY, from around 110.60 it popped (briefly) above 110.90. The highs coincided with the Tokyo fix time, the fixings coming in around 111.95 and above. It was the final trading day of the quarter and, for Japan, the fiscal year. Once the fix was, well, fixed, USD/JPY dropped back to be under 110.80 as I update.
EUR, GBP, both are up small against the USD (Brexit vote coming up on Friday, preview in the bullets). USD/CHF is up a few tics on the session (more in the bullets above on the CHF also).
AUD/USD has edged a few points to the better on the session while NZD/USD fell a little early on (more dovey comments from RBNZ Governor Orr) but has since ticked a few points back to be little net changed.
Still to come:
