Forex news for Asia trading Friday 3 June 2016
- Why technical analysis does not work for gold and silver
- Japan - Nikkei Services PMI for May: 50.4 (prior 49.3) & Composite: 49.2 (prior 48.9)
- Caixin China Service PMI (May): 51.2 (vs. prior 51.8) & Composite 50.5 (prior 50.8)
- PBOC sets USD/CNY central rate at 6.5793 (vs. yesterday at 6.5688)
- New Zealand - ANZ Commodity Price Index for May: +1.0% (prior -0.8%)
- Harvard grad's sure-fire FX investment. Ponzi scheme?
- Japan - Labor Cash earnings (April): +0.3% y/y (expected +0.9% y/y)
- More on Goldman Sachs shift to a negative view on Chinese Yuan
- Aussie press: Economy's 'accelerating pattern of growth' & 'impending economic disaster'
- Australia Services PMI (May): 51.5 (prior 49.7)
- NZ building work for Q1 +5.3% q/q (expected +1.0%)
- AUD and NZD orderboards
- Happy 100 month anniversary to the current business cycle.
- NFP preview - Goldman Sachs
- Trade ideas thread for Friday 3 June 2016
- Fed Chair Yellen plans to speak on August 26 at Jackson Hole
- Got your NFP Competition entry in? (If not, here are some tips)
- Goldman Sachs shift to a negative view on Chinese Yuan (from 'cautious')
A subdued pre-NFP session in Asia with a few small moves nonetheless.
The yen weakened early, USD/JPY up through 109.00 to briefely above 109.10 before settling back as I update more or less unchanged on the session. Ynhe crosses popped along with the USD/JPY move, NZD/JPY and AUD/JPY notable, reflected in small gains for AUD and NZD against the USD also.
News and data flow was very light, service PMIs from China and Japan having only fleeting impacts. NZ commodity price index showed a bounce on the month, and construction work in Q1 was solid.
On the news front, little to go - Goldman Sachs expressed concerns on continued yuan devaluation, while the Fed confirmed Janet Yellen would be appearing at Jackson Hole this year after not making it last year (her GPS appears to be working again).
EUR, CHF and GBP are all little changed. Gold dropped early in the session (just a few dollars, nothing large) but has since recovered. Oil doing little also.
Regional equities:
- Nikkei +0.36%
- Shanghai -0.02%
- HK +0.20%
- ASX +0.67%
"You're doing it wrong" file: Banks securitize toxic China debt .... sell most of it to other banks ....
