Forex news for Asia trading Friday 5 May 2017
- BOJ Governor Kuroda: 'Quite sure' can raise wages and prices 'significantly'
- Japan fin min Aso working on the holiday: FX rates must be decided by mkt
- Its not just rocks (iron ore), oil lower too
- When to expect the French election results
- NZ data - 2 year inflation expectations: 2.17% (Q2 from RBNZ)
- The latest French election poll: Macron 62, Le Pen 38
- AUD/USD after the RBA Statement .... still dribbling along near the week's lows
- Australia - RBA's Statement on Monetary Policy
- PBOC sets USD/CNY central rate at 6.8884 (vs. yesterday at 6.8957)
- Goldman Sachs on sentiment & the S&P: Market risk is skewed to the downside
- Buffett says he sold a third of his stake in IBM
- Trump says spat with Australia's Turnbull 'all worked out'
- Japan, S Korea, China meeting: ASEAN region to maintain robust growth, but risks
- Another higher Australian PMI, construction sector up in April
- WSJ on 5 Things to Watch in the April Jobs Report
- Goldman Sachs on what to watch for in today's NFP
- WSJ: China’s Push to Stabilize Financial System Leaves Markets in Disarray
- RBA's quarterly Statement on Monetary Policy (SoMP) is due today - preview
- More from Poloz (or maybe not): Declines to comment on Home Capital Group
- Not all Asian markets are open today - Japan on holiday
- Trade ideas thread - Friday 5 May 2017
- Economic data due from Asia today - RBA Statement Day
- BOC Gov. Poloz: Canada shows continuing shortfall in exports
ICYMI:
- Forexlive Americas FX news wrap: EURUSD breaks out. Approaches 1.1000
- US major stock indices end the day little changed
Chinese commodity futures sold off again, iron ore notably another loser again today (though as I update it is off session lows (but not by much). Joining in the rout, oil was hit lower WTI under $44 (CL1) at one stage.
USD/JPY had ticked higher during the morning time (it was a Japanese holiday, markets closed there but the rest of Asia was open), getting above 112.60 and settling there somewhat. But CNBC published an interview it had done with Bank of Japan Governor Kuroda, where Kuroda alluded (I nearly typed eluded there ... whew) to some positive developments in Japanese labour markets and also mentioned that the YCC zero percent target (10 year JGBs) was open for discussion at each BOJ meeting, USD/JPY dropped rapidly on this, slicing under its late NY-time lows and is circa 112.25 as I update. (update ... no it isn't, lower now)
EUR, CHF were both very quiet.
Cable was too, but did have a dip toward 1.2900 before being around 1.2910 as i update.
AUD and NZD both had moves.
AUD/USD was weighed on by the weakness in commodity prices, and the RBA SoMP (see bullets above), despite being read as tending to move the Bank away from further rate cuts, was no help. Oz us slid under 0.740, 0.7390, 0.7380 .... I'll stop here but so far the AUD has not. Its going into the end of the week in Asia at the week's lows, looking heavy indeed. There is still the NFP lottery to come, but its looking like it'll need luck to change its course.
NZD/USD was much more stable, until data from the RBNZ (higher inflation expectations) sent it on a pop, albeit so far its been short-lived, back now to little changed on the session.
Gold, too, little changed.
USD/CAD is on its session high, the CAD under pressure from lower oil.
Oh ... and let me update Dalian iron ore right at the end here ... now limit down (maybe not quite yet ...). Chinese iron ore futures brokers looking forward to an early start to the weekend!
Regional equities:
- Nikkei ... closed today, opens again on Monday!
- Shanghai -0.68%
- HK -1.16%
- ASX -0.71%
Still to come:
- WSJ on 5 Things to Watch in the April Jobs Report
- Goldman Sachs on what to watch for in today's NFP
AND ... Join me on Monday morning early in Asia for the French election results. It'll be a nail-biter! (No it won't, but you can't blame me for trying, right?) ... When to expect the French election results
