ForexLive Asia FX news wrap: Yen gains in Tokyo

Forex news for Asia trading Tuesday 5 July 2016

Aussie election update. At least counting has started again.
Australia - June new vehicle sales at a new record high
Australia retail sales today - "retailers battle deflation"
RBA meeting today - Goldman Sachs preview
Japan Nikkei Services PMI (June) +49.4 (prior +50.4), Composite 49.0 (previous +49.2)
Reuters: Central banks raised oversight of FX markets hugely in wake of Brexit vote
China - Caixin Services PMI, 52.7 (prior 51.2) Composite 50.3 (50.5)
Gold getting beaten down also
Australia - Trade balance for May: Deficit of 2218m ( expected -1700m)
Australia: Retail Sales for May: +0.2% m/m (expected +0.3%)
Yen crosses lower again
PBOC sets USD/CNY central rate at 6.6594 (vs. yesterday at 6.6472)
NZ - ANZ Commodity Price Index for June: +3.7% m/m (prior was +1%)
China to ban news websites from using stories gleaned from social media
Japan politics: Abe has election sewn up - best of a bad lot
Yen a little stronger as Tokyo gets underway
New Zealand - QV House Prices for June: +13.5% y/y (prior +12.4%)
Australia Services PMI for June: 51.3 (prior 51.5)
Australia weekly consumer sentiment: 115.8 (prior 116.8)
More detail on 'China is likely to 'fine tune' monetary policy in H2'
UK business getting more pessimistic after Brexit vote
BoA Merrill Lynch say to sell GBP rallies - drop to 1.25 coming
China Securities Journal reports China is likely to 'fine tune' monetary policy in H2
NZIER reports NZ business confidence rises in Q2
NZ budget surplus likely to be more than forecast
Brexit - UK property fund says no to exit - bans redemptions
Trade ideas thread - Tuesday 5 July 2016
Reserve Bank of Australia meet today (announcement 0430GMT) - preview
Australian government ministers a "hapless group of bedwetters"
Greek fin min says the country will hit 0.5% of GDP budget surplus this year
Preview: Australian dollar technical analysis ahead of the RBA decision

The moves we saw yesterday (gold, AUD, NZD, EUR, GBP higher) pretty much went in the opposite direction today. Just as yesterday it was difficult (for me at least) to pin reasons on the move, its pretty much the same today. Just opposite.

We did get a decent data flow today, Japan, China and NZ ... and overall the data painted a subdued picture, though China's Services PMI did excel - to an 11-month high. Details of the data in the bullets, above.

Back to FX.

USD/JPY (and yen crosses) were active as Tokyo got running, USD/JPY trading lower initially , halting for an hour or so and then hitting lower for the session again. AUD/JPY sellers were active, taking AUD/USD under 0.75 briefly before it stabilised. EUR/USD lost 30+ points from early highs, and cable gave up ground also, down 50 or so points at one stage.

Gold dropped too, from a degree of stability around 1350 to under 1340 at one stage to be around 1343 as I write.

The PBIC weakened the CNY today a little.

Still to come today we have the RBA announcement (0430GMT), with the consensus view being an 'on hold' decision from the bank.

Regional equities: