Forex news for Asia trading Wednesday, May 8 2019
- JPMorgan CEO Dimon: Sees an 80% chance of US - China trade deal being done
- RBNZ Gov. Orr says there are large uncertainties around the rate track for New Zealand
- China trade data for April: CNY 93.6bn (vs. expected 216.75bn
- Hackers steal $40.7 Million in Bitcoin from crypto exchange Binance
- Minutes of the RBNZ meeting enumerated the risks facing NZ economy hence the cut
- More on the RBNZ cutting its cash rate
- RBNZ announce rate cut
- OIS market slashing the probability of an RBNZ rate cut
- Did you hear the one about the central bank transferring $45bn to the government?
- China defaults hit a record in 2018. The 2019 pace is triple that!
- PBOC sets USD/ CNY central rate at 6.7595 (vs. yesterday at 6.7614)
- Australian Business Confidence measures dips to a near four-year low
- Xinhua: US approach to trade talks "regrettable", China is not afraid to fight, will do so if necessary
- Japan PMIs for April: services 51.8 (prior 52.0) & composite 50.8 (prior 50.4)
- I posted earlier that market pricing and analysts are at odds on the RBNZ today - which way will they go?
- BOJ March meeting minutes have no surprises - members agree to keep easing measures
- Brexit - Britain and Ireland to sign Common Travel Area deal
- More UK data - Barclaycard measure of consumer spending +2.5% in April vs. +3.2% in March
- New York times reports on US President Trump's tax returns - say show over 1bn USD in losses
- UK data - BRC like for like sales +3.7% y/y in April (vs. 2.5% expected)
- China state press: China confident in dealing with trade talk challenges
- Here is how today's RBNZ meeting is different to all others (yes, it really is different this time)
- European Union set to impose fines on banks over collusion on forex trading
- More from Goldman Sachs on oil - asymmetric upside in short term
- UBS on the RBA decision and Lowe's statement - forecasts are not plausible
- Trade ideas thread - Wednesday 8 May 2019
- NZD traders heads up - Westpac Fonterra milk price forecast raised
- Reports Iran has decided to stop implementing some parts of nuclear agreement
- Private oil data shows larger than expected build in crude oil inventory
The Reserve Bank of New Zealand cut its cash rate from 1.75% to 1.5% and indicated a lower rate track ahead. Market pricing and analysts were at odds on the outlook for the decision with 14 of 20 analysts looking for a cut (6 on hold) while market pricing for a cut fell away during the session after already being marked down after yesterday's RBA decision to stay on hold.
Upon the announcement, the NZD was marked lower immediately but has since crawled back a touch.
USD/JPY dripped lower for the session in a small range only. BOJ minutes for the March meeting were released. These were stale and provided nothing new at all.
EUR/USD, GBP/USD, AUD/USD are a ll slightly stronger on the session. Pertinent news and data flow for these was basically non-existent. CAD is up a few tics against the big dollar also.
Chinese trade balance data for Aril was released today, it showed a miss on exports. The trade surplus with US remains large, of course, but perhaps the softer exports will give them something to talk about at trade discussions with the US this week. Imports came in stronger, which is a positive indication for domestic demand (let's see if this lasts) - imports grew at their fastest since October last year.
Still to come:
