Forex news for Asia trading Tuesday 5 September 2017
- Another revision higher for Q2 GDP forecasts from a big 4 Australian bank
- North Korea moves ICBM-grade rocket towards west coast launch zone
- China Xi Jinping: Economic downward risks and uncertainties have risen
- GDP forecasts from one of the big 4 Australian banks
- Australia new vehicle record sales in August
- AUD/USD: Trading the RBA - views from 10 Major Banks
- China Caixin / Markit August PMI Services 52.7 (prior 51.5) & Composite 52.4 (prior 51.9)
- Australia - BoP Current Account for Q2: AUD - 9.6bn (expected AUD -7.5bn)
- PBOC sets USD/CNY reference rate for today at 6.5370 (vs. yesterday at 6.5668)
- New Zealand data - ANZ Commodity Prices for August: -0.8% m/m (prior -0.8%)
- Yen crosses slipping
- More for the NZD traders - dairy auction coming up during London time - preview
- Japan - Nikkei / Markit August PMI Services 51.6 (prior 52.0) & Composite 51.9 (prior 51.8)
- AUD into RBA, CAD into BoC, EUR into ECB - Credit Agricole
- Australia - AiG Services PMI August: 53.0 (prior 56.4)
- Australia - weekly ANZ / Roy Morgan Consumer confidence: 114.1 (prior 113.5)
- Trade ideas thread - Tuesday 5 September 2017
- More UK data: Manufacturers report rising output and orders
- More UK data: Consumer spending +2.9% y/y in August (from +3.5% prior)
- UK data - August BRC like-for-like sales: +1.3% y/y (prior 0.9%)
- Australia data - CBA / Markit services PMI 54.2 (prior 57.0) & composite 54.1 (prior 56.7)
- New Zealand Construction Work, Q2: -0.5% q/q (vs. expected +1.6%)
- Huge turnaround in the "Kiwi Dollar Barometer", now expected >0.75 (from 0.65)
- Its RBA September policy meeting day - here's what the big 4 banks are watching for
- Australian export data today will be input to GDP figures - what to expect
- Florida's governor has declared a state of emergency as Irma approaches
- Hurricane Irma upgraded to a category 4 storm
- New Zealand data coming up: Construction Work, Q2 . Preview.
- A rumour about on North Korea preparing another missile launch
- Day ahead in Asia - economic calendar and RBA
- ICYMI: ForexLive Americas FX news wrap: Little change on Labor Day
We are awaiting the Reserve Bank of Australia announcement and statement (due at 0430GMT), but ahead of that today we got some strong data from Australia; partial GDP indicator data that has come in stronger and has seen revision higher for what is expected from the GDP (Q2) tomorrow Australian time. The data is probably also indicative of what sort of shading we can expect from the RBA today, there are more reasons for the Bank to be leaning away from a dovish stance as growth continues despite the concerns the Bank has (slow wage growth and high household leverage chief amongst them).
Other data today included good PMI results from the private China survey (Caixin/Markit), weak NZ Q2 construction data and Japan PMIs also.
Focus returned once again to North Korea with talk of a possible ICBM launch later this week.
On currencies USD/JPY was a decent mover, sliding under 109.30 as North Korea chatter swirled.
AUD/USD was an early outperformer, higher after the strong Q2 data but since having given nearly all of the gain back. CAD popped a little stronger against the USD in time with the AUD, as did NZD.
EUR/USD has moved small higher, while the North Korea musings have benefited the CHF. Gold a beneficiary also.
Stay tuned for the RBA! Watch out for AUD jawboning, though goodness knows these guys have a hard time convincing the market ...
Regional equities:
- Nikkei -0.70%
- Shanghai +0.20%
- HK +0.21%
- ASX +0.20%
