Forex news for Asia trading Friday 8 July 2016
Terrible news from the US, multiple police officers shot at a protest march in Dallas. Details are sketchy and mixed, but reliable reports put the toll at 3 officers killed, 3 critical. A total of 10 shot. And fresh reports of an 11th officer shot coming in and the death toll at 4.
The rate of gun deaths in the US ... the obscenity continues.
OK, FX:
- Hedge Fund Wants to Use Atomic Clocks to Beat High-Speed Traders
- China June vehicle sales +19.4% y/y
- China human resources vice-minister: Should slow wage growth to stay competitive
- Australian officials cut their outlook for iron ore prices
- USD/CNH buying on speculation PBOC may cut RRR today
- Top China Fund Manager Puts Half of His Cash Pile Back in Stocks
- Reports of police officers shot in Dallas
- How China plans debt deleverage without damage to the economy
- S&P says to have a close look at Australia in December, & next year's budget
- Rant time! "Rise in China FX reserves may indicate PBOC has stopped regular intervention"
- Japan's Asakawa: Would act properly if there are speculative moves
- PBOC sets yuan reference rate for today at 6.6853 (vs. yesterday at 6.6820)
- NZ private inflation measure +0.3% m/m for June
- Japan wages data for May.
- Japan data: BoP Current Account Balance for May, ¥ 1809.1B (expected ¥ 1751.2B)
- Here's what rat muscles and gold have in common
- "World faces deflation shock as China devalues at accelerating pace"
- Brexit fallout - FT analysis of real time economic indicators, retail, job ads down
- UK consumer confidence fell at the fastest pace in 22 years after Brexit vote
- China Securities Journal: Risks in credit market remain high in H2
- Trade ideas thread - Friday 8 July 2016
- Brexit fallout - an update on more suspensions of trade at UK property funds
- Goldman Sachs' NFP preview
- BOJ update - cuts outlook. And Nomura on the yen, gold correlation
It was a pre-NFP session in Asia, but we had some movement.
GBP a focus again, but little in the way of news. We got consumer confidence data, the survey taken after the result of the Brexit vote, confidence fell the fastest it had for 22 years. GBP shrugged it off, cable recovered from an early session low to add 75 odd points.
The yen strengthened again today, and its plunging to fresh lows as I update. No jawboning from authorities today (well, there was one weak effort from a MOF official). Yen crosses following along with the USD/JPY here.
NZD gained further today, PM Key urging RBNZ action on runaway house prices seemingly helping it along. AUD moved a little higher also, but not to the same extent as the kiwi.
EUR/USD gained a few points, USD/CHF dipped a few.
Gold is little changed, maybe down a buck or os; an early dip and then something of a recovery.
There are rumours about that the PBOC may cut the RRR after the China close today.
Regional equities:
- Nikkei -0.82%
- Shanghai -0.87%
- HK -1.05%
- ASX +0.6%
