Forex and Bitcoin news for Asia trading Tuesday 5 June 2018
Note-stay tuned for the RBA, due at 0430GMT!
- Another on hold decision expected from the RBA today - preview
- AUD traders - RBA announcement due today - what's priced in
- Data for Australian Q1 GDP is looking good; forecasts upgraded … But there's a but ...
- EUR/USD forecast - "premature to declare that euro area uncertainties are over"
- NZD - NZ Treasury says Q1 GDP may miss forecast
- China PMIs (May): Services 52.9 (expected 52.9, prior 52.9), Composite 52.3 (prior 52.3)
- Australia Balance of Payments Current Account for Q1: AUD -10.5bn (vs. exp AUD -9.9bn)
- PBOC sets USD/ CNY reference rate for today at 6.4157 (vs. yesterday at 6.4208)
- Japan data recap for today - driving the yen?
- Japan Nikkei/Markit PMIs (May): Services 51.0 (prior 52.5), Composite 51.7 (prior 53.1)
- More UK data - payment card data for May shows huge retail spending increase
- UK data: Big jump for the May like-for-like sales: +2.8% y/y (vs. -4.2% prior)
- Australian weekly consumer sentiment indicator falls again
- Japan data:April Overall household spending -1.3% y/y(expected +0.8%)
- North Korea has asked Trump for investment in tourism. Mar-a-Lago Wonsan?
- Another Australian services PMI (2nd today): 55.9 (from 55.2 prior)
- IMF warns on a slump in Canada GDP if Trump terminates Nafta, slaps on tariffs
- Australian data - Services PMI for May 59.0 (from prior 55.2)
- Iran says it will increase its capacity to produce uranium gas
- New Zealand government financial statements show surplus better than forecast
- EUR/USD outlook from JP Morgan - cuts target level
- Trade ideas thread - Tuesday 5 June 2018
USD/JPY was an early mover, up above its US time highs to attempt 110. There are sellers clustered ahead of there and through to around 110.15 which held it below the figure during Asian trade so far today.
We got some disappointing data again from Japan today, with Overall Household Spending (April) falling y/y and registering a big miss on estimates. This, of course, argues for no near term exit from the BOJ and is a yen negative but it was flows that ruled the day ahead of 110.
We got more 'partial' data for Australian GDP data today, net exports and government spending should both be positive contributors. While expectations for the GDP number (for release tomorrow) are generally being revised higher, the data today was not a big beat like inventories yesterday, which saw a subdued response from AUD; it lost a few points on the session.
EUR, CHF, GBP, NZD, CAD ... all have had very limited ranges today against the USD. There has been little to drive forex volatility in these during the session here today.
Still to come:
