Forex news for Asia trading Monday 8 August 20
- China exports expected to improve in Q4
- Bull market in (Michael Phelps) gold. Number 19!
- China trade balance for July: CNY 342.8bn (expected CNY 311.85bn)
- Fitch ratings says China's housing demand to stay resilient through 2030
- Emperor of Japan to speak at 3pm Tokyo time
- UK data - Visa says consumer spending rose 1.6% y/y in July - biggest rise in 3months
- Australian politics - newly elected senator gets arrested
- Australia - ANZ Job Advertisements for July: -0.8% m/m (prior +0.5%)
- BNZ revised RBNZ rate cut call, see 1.5% cash rate by year end
- People’s Bank of China sets yuan reference rate at 6.6615 (vs. Friday at 6.6406)
- China yuan bear: "I was too dogmatic ... I’ve certainly broken a few phones."
- BOJ opinion summary from July meeting out now
- Japan June BoP Current Account: ¥ 974.4B (expected ¥ 1103.5B)
- Westpac on the AUD/USD - towards 0.74 during the months ahead
- Trade ideas thread - Monday 8 August 2016
- Italian press reports Court to approve referendum
- Weekend: Italian economy minster wants to challenge ratings agency
- Weekend data: China FX reserves little changed in July
- Fed's Powell says risk of prolonged period of low US growth
- Monday morning Forex prices, early indications 8 August 2016
- How to trust yourself
It was a fairly subdued beginning to the FX trading week.
USD/JPY was a (very) early mover, moving towards 102.20 pre-Tokyo on a few left over stop loss orders from Friday. It dipped back under the figure but soon started highr again, this time above 102.20 before settling under there as Tokyo and then later Asian centres opened for the week.
EUR/USD has been a small net gainer, there hasn't been much in it but it has managed to get above 1.11. USD/CHF is little changed, down a few tics on Friday's late levels.
Cable managed a gain also, up towards, but not through, 1.31 during the day here.
NZD slipped a little lower, with the BNZ revising their call on expected RBNZ action, now looking for 3 rate cuts through to November! NZD/USD slowly dripped below 0.71 but is now spending a little time just above there.
AUD did little directionally, a 20-odd point range but net little different from where it closed Friday.
Chinese trade data for July hit today, a poor result for exports in USD terms was cushined by a falling local currency in yuan terms. There was little currency market response in AUD or yen.
Gold, too, is little changed. Speaking of gold, US Olympian Michael Phelps racked up his 19th gold medal in Rio. What an astonishing achievement, well done that man!
Regional equities:
- Nikkei +1.94%
- Shanghai +0.26%
- HK +1.29%
- ASX +0.75%
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