Forex news for Asia trading Wednesday 6 April 2016
- Former BOJ official says little possibility of intervention to curb strong yen
- China forex losses jump to $7.5bn, with more ahead
- Markets liking the China PMI today (Look away now if u don't want to see HK's)
- Quiz: Do you know the music San Fran Fed head Williams drops into speeches?
- China data: Caixin Services PMI: 52.2 (prior 51.2)
- Reserve Bank of Australia release their April Chart Pack
- RBC looking for short squeeze to take USD/JPY to 112
- MSNBC project Ted Cruz to win Wisconsin Republican Primary
- PBOC sets USD/CNY central rate at 6.4754 (vs. yesterday at 6.4663)
- Fox News projects Bernie Sanders winner of the Wisconsin Democratic Primary
- Westpac on AUD & RBA: Further substantial appreciation necessary to trigger a rate cut
- FOMC Minutes out on Wednesday - a '5 things to watch' preview
- Fitch says hard landing in China is unlikely
- Was the NFP data stolen from the BLS? Thief burgles wrong building, wrong day
- Japan LDP Yamamoto wants to lower the sales tax rate!
- Moody's says large European banks' oil & gas exposures moderate, but ...
- UK data: BRC Shop Price Index (March): -1.7% y/y (prior -2.0%)
- WSJ on "Subprime-Housing Risks Raise Red Flags in China"
- Westpac on USD/CAD: "looks exceedingly cheap via-a-vis energy prices"
- Bank of Montreal CEO plays down oil price slump concerns
- Japan PM Abe: "Should refrain from arbitrary intervention"
- Ex-BOJ Iwata - BOJ unlikely to change policy at the April meeting
- Oil - American Petroleum Institute (API) data - Inventory DRAW of 4.3mln barrels
- The Trade Ideas Corner (Wednesday 6 April 2016)
- Bank of Canada's Wilkins: Slower China growth welcome, problems possible
- QV New Zealand house prices for March +11.4% y/y (prior +11.6%)
Oil data kicked off the session, with the American Petroleum Institute inventory results showing a surprise draw for the week (draw of 4.3mln barrels from stocks against an expected build of 3.2mln barrels). The oil price gained ground immediately and has continued higher through Asia.
There wasn't much else on the (market moving) data front until the Caixin China Services and Composite PMIs, both of which showed acceleration (but employment detail slid). The HK PMI came out soon after and at its lowest at 7 months. Both of these are the 'private' surveys (Markit).
On the currencies, not a huge amount of movement. USD/JPY has net gained a few points, up around 35 or so points from its session lows at one stage before settleing as I update to be around mid-range.
EUR/USD/USD/CHF, GBP/USD all minor movers..
Not a lot to report on the NZD, up small on the session. AUD/USD, though, was a bit more active, with around a 35 or so point range and its close to its session high as I write.
Gold is little changed.
Regional equities:
- Nikkei -0.3%
- Shanghai +0.9%
- HK +0.21%
- ASX +0.57%
