Forex news for Asia trading Wednesday 9 January 2019
- Australian police say suspicious packages sent to embassies and consulates
- Australian job vacancy data is at an all time high
- MOAR poll - AUD seen at 0.72 in 3 months and 0.74 in 12
- US President Trump will meet with Congressional leaders on Wednesday
- AMP's Oliver says the RBA will cut rates to 1% in 2019 - here's why
- Poll tips a weaker yuan - to break 7 within 6 months
- Reports China is planning a higher fiscal deficit target in 2019
- BP unlocks a billion oil barrels in Gulf of Mexico with new technology
- More on the 'no surplus for you Australia!' Fitch story
- Democrat response to Trump's speech - want to reopen the government, talk on border
- Japan wages data best in 5 months - recap
- US President Trump speaking now
- Japan press: Apple is cutting production of iPhones
- Response to the Australian building approval data: "Confirming a second leg lower"
- PBOC sets USD/ CNY mid-point today at 6.8526 (vs. yesterday at 6.8402)
- Australia job vacancies for November +1.3% (prior +0.6%)
- Australia Building Approvals for November: -9.1% m/m (expected -0.3%)
- NZ data - ANZ's commodity price indicator (Dec 2018): -0.2% m/m (prior -0.5%)
- Japan - Labor cash Earnings for Nov: 2.0% y/y (expected +1.2%)
- Apple CEO Cook say he tries to sell product
- More on World Bank sees global growth slowing in 2019
- Trump said to want China trade deal soon to boost markets
- Gundlach is still going: US Federal government debt to GDP a 'completely horrific situation'
- Fitch says Australia likely to delay hitting budget surplus (surprising no one)
- More from Gundlach: Current buy the dip mentality reminds him of complacency in 2007
- Trade ideas thread - Wednesday 9 January 2019
- Gundlach: Since 'Powell put' on Friday, US stock 'market has been throwing a party'
- Australia - AiG Performance of Services index (services PMI): 52.1 (prior 55.1)
- NZ data - ANZ job ads for December 2018 -3.5% m/m (prior +0.5%)
- WSJ report that US President Trump unlikely to declare state of emergency
The most awaited event of the session was the US president's address from the Oval office. It turned out to be not such a big deal at all, the only thing Trump proposed was even more meetings on the wall. Forex response was minimal.
Otherwise the day was not too quiet for an Asian session. An early bit of USD weakness nearly across the board, with AUD/USD a rapid gainer as some stop-loss buying triggered above the overnight high circa 0.7140-odd. GBP, EUR, NZD all gained too.
Over the course of the session though the CAD was a star. Oil prices moved higher which did the CAD no harm. USD/CAD is down around 50 points for the session as I update.
USD/JPY has bucked the weaker USD in Asia, gaining towards but not piercing 109.
As for data, we had a huge miss for Australian building approvals. This indicator had been trending down and today it dropped hard even further. Job vacancy data (not as much a focus) hit an all-time high.
From Japan we had wages data, real wage gains at their best in five months.
Still to come:
