Forex news for Asia trading Thursday 30 May 2019
- FT reports on futures exchanges efforts to install 'speed humps' to slow high frequency traders
- UK politics of Brexit - "risks are tilted for a somewhat stronger GBP"
- What can Long-term Value Investors Learn from Traders?
- PBOC adviser says the Chinese economy still has great potential
- New Zealand has cut its budget surplus forecast for 2019/20 to NZD1.3bn
- China's Vice Foreign Minister says deliberately provoking trade disputes is naked economic terrorism
- BOJ's Sakurai - important to hit price target by patiently maintaining current monetary easing
- Australian building approvals for April: -4.7% m/m(expected 0.0%)
- Australian Q1 2019 private capex -1.7% q/q (vs. expected 0.5%)
- Japan's business lobby wants sales tax hike to go ahead as scheduled
- PBOC sets USD/ CNY mid-point today at 6.8990 (vs. yesterday at 6.8998)
- FX option expiries on Thursday 30 May 2019
- Australia lifts its minimum wage by 3%
- Fitch Ratings say Australian growth rate to slow to lowest since GFC
- Asia forex intervention suspected today
- Japan's largest bank has been granted access to China bond and equity markets
- BNZ say the RBNZ has been nudged closer to further rate cut
- Morgan Stanley CEO says he does not see a full China - US trade war
- ANZ lower their forecast for the Australian dollar, to 0.65
- China press: The US is doomed to fail if it acts arbitrarily on trade
- UK PM contender Boris Johnson will face court over claims he lied during Brexit referendum
- Brexit - UK car production in April fell by the largest amount since the global financial crisis
- New Zealand building approvals for April: -7.9% m/m (prior --7.4%, revised from 6.9%)
- Australia RBA watcher Terry McCrann - "Four RBA interest rate cuts? Don’t be so sure"
- NZ researchers say growth to slow, forecast the RBNZ to cut rates further in September
- UK foreign minister says new Brexit deal must change or remove backstop
- Australia - HSBC says some signs the housing market is starting to stabilise
- Israel parliament dissolved, election called for September
- Nouriel Roubini on US & China - quickly escalating into a death match
- ICYMI - ECB says US equity prices look stretched
- Société Générale recommends shorting euro versus yen
- Trade ideas thread - Thursday 30 May 2019
- Private oil data shows larger than expected draw in headline crude oil inventory
- UK Fin Min Hammond to warn on PM candidates pitching tax cuts and deregulation
A sedate day here on forex with not much in the way of impactful catalysts to prompt movement.
We did get data from Australia today, with a miss for April building approvals and a miss for Q1 capital expenditure (the forward estimates are offering a glimmer of better news, but it was minor). The component of the capex data that feeds into Q1 GDP (due next week) was also on the disappointing side and may prompt downwardly revised expectations (there are more 'partials' to come).
AUD/USD has edged a few points higher on the session here in a very small range indeed. Very small ranges were seen pretty much across the FX board, with little change for the majors. The Korean won rose after reported intervention from the Bank of Korea to support the currency. Its been on a weakening trend for months.
The New Zealand budget was announced, with a boost for spending and forecasts for GDP growth ahead taken lower. NZD has done little on the session.
Gold lost a little.
Perhaps activity will pick up on the final day of the month tomorrow.
USD/KRW intervention reported today:
