Forex news for Asia trading Thursday 31 August 2017
- Australia Q2 capex survey - analyst response
- US data due Thursday - previews for Personal Income and Outlays
- Eurozone inflation data due today - previews
- Eurozone labour market report due today - preview
- Option contract expiries for today 31 June 2017
- My completely non-scientific Australian capex indicator says this is a great report
- Australian Q2 capex - more (some pics .. are we at the bottom of the cliff?)
- USD higher in Asia - new high for USD/JPY, new low for EUR/USD
- BOJ's Masai: Still some distance to achieving 2% inflation target
- Australia - Private Sector Credit for July: 0.5% m/m (expected 0.5%)
- Australia - Capex data for Q2: Headline 0.8% (expected 0.2%)
- More on the China PMIs out earlier (manufacturing beat, services below prior)
- PBOC sets USD/CNY mid-point today at 6.6010 (vs. yesterday at 6.6102)
- New Zealand - ANZ Activity Outlook 38.2 (prior 40.3) and Business Confidence 18.3 (prior 19.4)
- China August Non-manufacturing PMI: 53.4 (prior 54.5)
- China August Manufacturing PMI: 51.7 (expected 51.3)
- Macquarie raises its forecast for commodity prices - cites demand from China
- Japan data - Industrial Production (July, preliminary): -0.8% m/m (expected -0.3%)
- PIMCO says the BOJ wants to become more flexible on 2% inflation target
- Australian Treasurer Morrison: Maintaining AAA imposes strong discipline on government
- Eyes on offshore yuan - USD/CNH due for a bounce?
- UK data - GfK Consumer Confidence for August: -10 (expected -13)
- Barclays on the US GDP report and also on month-end FX flows
- Mexico says will not continue NAFTA negotiations if Trump starts withdrawing
- Australia - Capex data (for the April - June quarter) coming up today - 2 more previews
- Australia - Capex data (for the April - June quarter) coming up today - 2 previews
- UK PM May says she wants to remain leader beyond the next UK election
- China official Manufacturing and Non-manufacturing PMIs(August) coming up today - preview
- Trade ideas thread - Thursday 31 August 2017
- Technical trading notes for the major currency pairs.
- NHC alert for Harvey - says should now gradually weaken
- Mexico's Foreign Minister Videgaray: Not right or viable to end NAFTA during talks
- Japan Industrial Production for July (preliminary) coming up today - preview
- Economic data due from Asia today, plus some BOJ and RBA
The ranges in Asia were not large (hey, its Asia!) but nevertheless the USD strength seen overnight continued a little during the session here.
USD/JPY gained, to above 110.50 before stalling and then on another small spurt to poke briefly above 110.60. The data from Japan today was on the disappointing side, Factory output for July missing estimates. We also had a BOJ speaker repeating the still-great distance to the 2% inflation goal and more of the same as usual.
USD/CHF marginally popped above its US time high, while EUR/USD dropped below its NY time low. Cable dribbled a few points to the worse also.
We got Chinese official PMIs today, the manufacturing was a beat while non-manufacturing came in a little lower than the previous month. The People's Bank of China ratcheted up the CNY against the USD again today.
From Australia it was the much-awaited capex data for the second quarter. Elements of this will feed into next week's GDP. It was, on balance, a good report, the headline spend was much greater than expected and the other key figure, Estimate 3 for 2017/18, came in much improved over estimate 2. There were a few 'buts', on the whole though a good report.
AUD/USD is pretty much unchanged on the session, which in the context of sa slightly stronger USD in the region today is a positive performance. NZD/USD dropped 40 or so points, in comparison (getting a kick down from AUD/NZD buyers).
Regional equities:
- Nikkei +0.84%
- Shanghai -0.65%
- HK -0.57%
- ASX +0.73%
Still to come:
