Forex news for Asia trading Monday 9 May 2016
Monday:
- More from fin min Aso: Sudden yen strength, weakness could prompt intervention
- Japan Fin. Min. Aso: Doesn't think US believe Japan FX policy inappropriate
- Minutes: BOJ debated souring consumer mood
- Gross on the Fed: “I’m not so sure that June is out”
- IBM is making a quantum computer available for anyone to play with
- Australia - ANZ Job Ads for April: -0.8% m/m (prior +0.2%)
- Goldman Sachs trims long USD bets, & looking for lower AUD
- People’s Bank of China sets yuan reference rate at 6.5105 (vs. Friday at 6.5202)
- AFR report on ANZ, Westpac "hit by hundreds of Chinese home loan frauds"
- Yuan - CFETS index at 96.61 (97.12 prior)
- The BOJ Minutes - Yen barely flinched (here it goes now). How to fix this?
- Japan March Labor Cash Earnings +1.4% y/y (expected +0.6%)
- BOJ March meeting minutes: Economy continuing to recover gradually
- China press: Economy within, or even better than, expectation
- BoA / Merrill Lynch - Fed rate hike timetable now - Sep. 2016, March 2017, Sep. 2017
- Watch out - the “Soros Chart” says the yen will weaken
- Oil - Canada - Alberta fires update
- Greek parliament passes tax, pension reforms
- Trade ideas thread - Monday 9 May 2016
- FT headline: 'Britain would quit single market after vote to leave EU, Gove admits'
- Eurogroup meeting Monday morning in Brussels. Greece meeting in the afternoon.
- "Here’s what the departure of Saudi Arabia’s al-Naimi means for oil prices"
- Monday opening FX rates - foreign exchange prices, early indications
Weekend:
- Europe fin mins meet on Monday - you'll be shocked to hear they're discussing Greek debt
- Australia is headed to the polling booth on July 2
- China reports surprisingly large trade surplus imports slump
- Spray and pray
- How to trade in a challenging FX environment - BAML
- Saudi Arabia dumps long-time oil minister in major shakeup
- The US dollar was the top performer last week
Weekend oil-related news as the long-serving Saudi oil minister was sacked and the Canadian fires impacting on oil production continued, though they do appear to be finally coming under some sort of control.
Oil prices traded higher during the session here, and Middle East shares traded stronger on Sunday, so the weekend developments seemed to be a net positive for oil. At this stage anyway. We still have the judgement of European and then US markets to follow, and they may very well not be so sanguine.
Ahead of the meeting of Eurogroup finance ministers in Brussels on Monday the Greek parliament passed further reforms towards hitting fiscal targets. EUR is little changed on the session today. CHF, GBP not much changed either.
Along with Chinese trade data over the weekend (y/y falling exports &, falling imports) we had data showing China foreign-exchange reserves rose slightly in April (+$7.09 billion last month, to $3.220 trillion (follows a gain of $10.3 billion in March)).
(via Christopher Balding)
The poor trade data was not a positive for the Chinese stock markets, its off heavily as I update (see below). Along with stocks lower, industrial/mining commodities had a poor showing, with iron ore limit down in China today.
AUD/USD had a small move up but as I update, while still higher on the session, its little net changed. NZD/USD dipped early but it too is little net changed.
USD/JPY ticked a little higher into the Tokyo fixing this morning and has dipped a little since then. BOJ March Minutes passed with barely a ripple.
Gold is off a buck or three, not much in it.
Regional equities:
- Nikkei +0.48%
- Shanghai -2.23%
- HK +0.35%
- ASX -0.38%
More:
