Forex news for Asia trading Tuesday 30 August 20
- After G-20 ends, market may want to test PBOC tolerance for yuan depreciation
- Barclays says a positive NFP will add impetus for EUR/USD toward 1.07
- San Fran Fed researcher gives a 10-year projection on rates ... 1% !
- I'm quite liking this tweet about poll support (lack of) for Aussie PM
- Australia - Building approvals for July: +11.3% m/m (expected +1.1%)
- PBOC sets USD/CNY mid-point today at 6.6812 (vs. yesterday at 6.6856)
- BNZ says the Reserve Bank of New Zealand will be happy with Fed's Fischer
- Japan: Retail trade for July: +1.4% m/m (expected +0.8%)
- Japan - Overall Household spending (July): -0.5% y/y (expected -1.5%)
- Australia - ANZ Roy Morgan weekly consumer sentiment: 118.4 (prior 121.8)
- New Zealand - Building consents (July): -10.5% m/m (prior +16.3%)
- BoK Governor Lee says the possibility of a Fed rate hike has increased
- NAB on USD/JPY: En-Route to 105, until the BOJ shows its Hand, 'purely tactical' trading
- RBNZ Assistant Gov. McDermott - comment on inflation, consumer spending
- Summary of Fed officials' rates view (please read quickly before they flip flop)
- "Oil market rebalancing could take until end 2017"
- Trade ideas thread - Tuesday 30 August 2016
Subdued ranges for currencies today, but some movement nonetheless. Yen crosses the notable movers, with USD/JPY down in the early going (sub 101.80 briefly) before a 40 odd point move higher as Tokyo became more active (above 102.20 briefly)
EUR/USD lost some ground, with highs above 1.1190 giving way to a slip down to around 1.1170 (did I mention ranges were subdued?). Cable, too, a small slip from early highs, off around 30 or so points. The swissy was off a little against the USD also.
AUD and NZD dribbled a fraction lower also.
We got some news and data ....Japan where:
- Overall household spending fell for its fifth straight month, albeit to beat estimates for today
- Retail sales grew at their fastest pace in four months (for the m/m)
- The unemployment rate came in at its lowest since May of 1995
- The job-to-applicant ratio was unchanged on the month at 1.37 (for its equal highest level since August '91)
For Australia,
- we had a huge beat on the building approvals data (after a miss last month it must be said) ... approvals up 11.3% m/m for the biggest rise since January of 2014.
Oil edged a few cents higher from late US levels, gold is little changed on the session
Regional equities:
- Nikkei +0.05%
- Shanghai +0.04%
- HK +0.68%
- ASX +0.51%
Still to come: Federal Reserve Vice Chair Fischer speaks at 1030GMT
