Forex news for Asia trading Thursday 6 April 2017
- Nikkei survey shows economists expect China slowdown in second half of 2017
- Fed trying to send a normalisation message, but traders aren't buying it yet
- All 4 China PMIs ... signalling a brewing storm?
- ADB forecasts developing Asia on track to post its slowest annual growth in 16 years
- AUD to fresh session lows
- Trump says infrastructure plan may be accelerated
- China - Caixin March PMIs: Services 52.2 (prior 52.6) & Composite 52.1 (52.6)
- Mexican central banker head says Trump's tweets modified peso strategy
- Japan press: Japan's economy marks third-longest postwar recovery
- PBOC sets USD/CNY central rate at 6.8930 (vs. yesterday at 6.8906)
- Fed's Kaplan: 2017 will be a solid year for the economy, more concerned about after
- USD/JPY & EUR/JPY orderboards
- EUR/USD orderboard
- AUD and NZD orderboards
- Australian Treasurer Morrison speaking now (without saying anything!)
- Fed's Potter: Fed's framework remains highly effective, has proved quite resilient
- Reuters report that Kuroda is likely the favourite for new BOJ term, if he is willing
- Another 'Trump unlikely to formally declare China a currency manipulator' piece
- China press quote SAFE: China's foreign exchange market is now relatively stable
- RBA's Debelle Q&A: Australia less vulnerable to crisis than in 2008
- Bloomberg on Xi-Trump meeting: Xi needs to tread carefully
- RBA's Debelle speech on "Recent Trends in Australian Capital Flows"
- Westpac expect AUD/JPY higher, but caution on its vulnerability
- NZ Treasury forecast a larger than expected budget surplus
- Japan press on the BOJ: Kuroda eager to revive public hopes for 2% inflation target
- Australia - Where to now for the RBA? 5 quick views.
- Trade ideas thread for Thursday 6 April 2017
- Australia press: $4 billion budget bonus seen from booming iron ore and coal prices
- Economic data due from Asia today ... and two central bank speakers
ICYMI: Forexlive Americas forex news wrap: FOMC minutes/Washington stagnation send dollar/stocks lower
The overnight gains for the yen against the USD continued in the Tokyo morning and while stabilizing since, the bounce from its low is very limited. Net for the session, though, change is small. The same for EUR and CHF against the USD, both little net changed. Cable is a few tics (very little in it) to the worse.
News flow has been limited.
What we did see is weaker China PMI readings (the private survey services and composite PMIs, both coming in at their lowest in 6 months, but still 'expanding'). These weighed on already weaker AUD/USD, sending it under 0.7550 after holding above 60 overnight. AUD/USD extended its loss on the session to approach (but not get to) 0.7530. Meanwhile NZD/USD is one of those 'little changed' for the session after trying higher earlier (turned back circa 0.6980). Good news from NZ today - the expected budget surplus continues to swell.
Gold and oil, too, not much change.
In politics, the NYT carries an extended interview with President Trump; with comments on health care, tax reform, infrastructure (see bullets above).
Regional equities:
- Nikkei -1.38%
- Shanghai +0.11%
- HK -0.48%
- ASX -0.64%
Still to come ... Chinese President Xi arrives in sunny Florida for his meeting with US President Trump:
- Another 'Trump unlikely to formally declare China a currency manipulator' piece
- Bloomberg on Xi-Trump meeting: Xi needs to tread carefully
