Forex news for Asia trading Monday 6 March 2017
- TD Australia outlook - "we expect the RBA Board tomorrow to remain neutral"
- NZ PM English: Pension age to rise to 67 (in 2040!)
- More reasons for a fall in the price of iron ore
- Iron Ore price to drop around 30% in H2 of 2017
- Fitch says Chinese bank earnings announcements to show rising risks
- Chair of China's state planner says conditions favour achieving CPI target this year
- SCMP reports: China signals change of course on long-standing yuan policy
- EUR, JPY, GBP, CHF, CAD, AUD, NZD: Weekly Outlook - Morgan Stanley
- PBOC sets USD/CNY mid-point today at 6.8790 (vs. Friday at 6.8896)
- OIL - OPEC Sec General Barkindo says too early to discuss extension to output cut
- New Zealand Treasury - Monthly Economic Indicators (February)
- Australia - Retail Sales (January): 0.4% m/m (expected +0.4%)
- Australia data - ANZ Job Ads figures (February): -0.7% m/m (prior 4.0%)
- UK survey shows factories growing at their fastest pace in more than three years
- Australia - Melbourne Institute Inflation (February): -0.3% m/m (prior 0.6%)
- Comments from Japan Pm Abe on missile tests (Nth Korea)
- More on North Korea Fires What May Be Intercontinental Missile: Yonhap
- Economic data due from Asia today (a light one)
- Berlusconi said Italy needs a national currency (to be used alongside the euro)
- Yonhap report - Nth Korea fires unidentified projectile into East Sea: military
- Yi Gang, PBOC Deputy Governor says yuan to remain relatively strong
- More on bird flu found at Tennessee chicken farm - 73,500 birds being destroyed
- UK - 1000 jobs at risk in £11bn merger
- ICYMI - Yellen translated: We're going to hike unless the data ... is terrible
- Oil - big week coming up - CERAWeek's huge annual industry meet in the Americas
- Trade ideas thread - Monday 6 March 2017
- Keystone XL oil pipeline will not have to use American steel
- NZ data - January Building Consents +0.8% m/m (prior -7.2%)
- FBI head asked Justice officials to reject Trump claim on phone tap - the agency hasn't
- RBNZ announce Dep Gov Spencer to speak on bank capital requirements
- General Motors expected to announce Monday to sell European brand Opel
- Reuters: US officials confirm avian flu in commercial chicken flock in Tennessee
- (Oil - Weekend piece on) Floating LNG production- "superseded" by rising U.S. output
- (Weekend) - Australian Treasurer Morrison “very concerned” about low wage growth
- Deutsche Bank to raise 8 billion euros, plans major reorganization
- (Weekend) Commodities: Iron ore (could hit $100 a tonne), Copper drop coming?
- (Weekend) Oil matters - UK to lend 10bn pounds to Iraq, France to lend to Iran
- More on China's cut to growth target
- Weekend - Europe politics: Merkel poll, Finnish Eurosceptic, France Fillion
- Monday morning FX - 6 March 2017 - foreign exchange prices, early indications
Weekend
- China to cut 2017 steel capacity by 50mln tonnes
- Li says China cutting 2017 GDP target to around 6.5%
- Hammond says UK economy needs "gas in the tank" for Brexit
- What's priced in for the March 15 FOMC meeting and beyond
- Trump accuses Obama of tapping his phone, Obama issues denial
- EUR/NZD was the best trade last week
Friday (ICYMI)
- ForexLive Americas FX news wrap: Yellen leaves little doubt
US politics at the fore again over the weekend with accusations of phone tapping, denials and more:
- Trump accuses Obama of tapping his phone, Obama issues denial
- FBI head asked Justice officials to reject Trump claim on phone tap - the agency hasn't
- Keystone XL oil pipeline will not have to use American steel
- All accompanied by the usual 'fake news' parrots' drivel
Not just from the US, we had French politics (and more):
- Weekend - Europe politics: Merkel poll, Finnish Eurosceptic, France Fillion
& North Korean missiles:
- More on North Korea Fires What May Be Intercontinental Missile: Yonhap
Not to mention China, where the annual session of the National People's Congress (NPC) is taking place:
- Li says China cutting 2017 GDP target to around 6.5%
- China to cut 2017 steel capacity by 50mln tonnes
- Bloomberg recap
- & ReutersChina cuts growth goal, puts focus on reform and 'firewall' against risks
- (more on China and the yuan in the bullets above)
On the data front it was a light sort of session, with Australian retail sales improving on the month but weak wage income growth & caution from consumers resulting in relatively modest spending outcomes. The monthly inflation report was a surprising drop.
USD/JPY traded up a little early but found selling around 114.10, with some yen flows taking it down from there to circa 113.75 lows. EUR, CHF and GBP are little changed against the USD for the session, all with only small ranges.
NZD traded lower in the very early morning but recovered to around 0.7035 before drifting back lower again. Its down net on the session but again in a small range only. AUD weakened on the inflation data and just prior to the retail sales data release, ditto on the small range.
Gold and oil are both little changed also.
Regional equities:
- Nikkei -0.45%
- Shanghai +0.37%
- HK +0.37%
- ASX +0.25%
Still to come:
- Oil - big week coming up - CERAWeek's huge annual industry meet in the Americas
- Reserve Bank of Australia meet tomorrow (Tuesday Australian time) TD Australia outlook - "we expect the RBA Board tomorrow to remain neutral"
