Forex news for Asia trading Thursday 9 November 2017
- GE says signs 3 deals for China worth 3.5 bn USD
- Chia President Xi: China to be more open and transparent to foreign firms
- US President Trump says trade deficit with China is shockingly high
- FT: EU gives UK 2 to 3 weeks to make Brexit bill offer
- A few thoughts on EUR/USD: Not far from fair value, & Bad news for EUR bulls
- More on China inflation data for October
- RBNZ's McDermott interview - headlines crossing again
- More on the US rare 3-carrier exercise near the Korean Peninsula
- AUD to a new session high (and other updates)
- EUR ... Monetary policy convergence: What about the ECB?
- China says >1,560 cases of US-related intellectual property infringement so far in 2017
- ANZ wary on GBP - volatility under-pricing the rising political risk in the UK
- RBNZ responses (& the RBA!): " will exercise patience on the policy front"
- Australia September home loans data - more
- NZ finmin Robertson: Spending plans yet to be finalised
- China October CPI: 1.9% y/y (expected 1.8%) & PPI 6.9% y/y (6.6%)
- PBOC sets USD/CNY reference rate for today at 6.6325 (vs. yesterday at 6.6277)
- US politics - Senate Banking Committee will hear on Powell on Nov. 28
- RBNZ responses (this is just a quickie)
- RBNZ responses: "opened the door the tiniest crack in the direction of earlier OCR hikes"
- BOJ 'Summary' - more (board debated targeting longer end of yield curve)
- Japan September core machinery orders - recaps
- Australia September data: Home loans -2.3% m/m (vs. expected 2.0%)
- Bank of Japan October meeting Summary Of Opinions out now
- UK RICS house price balance for October: 1% (expected 4%
- Japan - BoP Current Account Balance (September): ¥ 2271.2B (expected ¥ 2363.4B)
- Japan - September Core Machinery Orders -8.1% m/m (expected -2.0%)
- 3 U.S. carrier strike groups will drill together off the Korean peninsula
- RBNZ responses: "NZD assumed to stay down"
- RBNZ's McDermott says would be good if NZD fell more
- RBNZ responses coming in ... "no longer talking down the currency"
- Two really quick snippets on the Australian data due today & the AUD
- People fall for the dumbest BitCoin scams
- Australian housing market weakening, what it means for the economy
- Australia housing finance data today (for September) - more preview
- Australia housing finance data today (for September) - preview
- Economic data due from Asia today - moar BOJ today
- Trade ideas thread - Thursday 9 November 2017
- More from RBNZ's Spencer - says NZD is in vicinity of fair value
- NZD adding a bit as the RBNZ press conference continues
- US major indices closing higher. All major indices close at record highs once again
- RBNZ's Spencer says economic outlook is very positive
The day kicked off (actually it was more towards the end of the day in North America) with the Reserve Bank of New Zealand announcement and release of its Monetary Policy Statement. The NZD jumped a bit, but this is all covered in the US wrap.
What we got an hour or so later was the press conference from Acting Governor Grant Spencer, which gave the kiwi another little kick along to a high just above 0.6970. Since then its been a little choppy, with a small move back down to circa 0.6945 and then a revisit towards 0.6970. So, a small range only since.
AUD/USD sat fairly stably through the early NZD moves, there was buying of NZD against the AUD, which made the stability in AUD/USD a little curious (sellers of AUD/NZD sellers meeting buyers of AUD/USD).
AUD/USD did manage a fall a little later, though, on worse than expected housing finance data. The move was not big, though, lows around (just under) 0.7665 seen. The fall was not sustained, buyers in once again with China data (a surge again for the PPI the most notable) a positive for commodity producers. AUD/USD managed to crack a new session high around 0.7690 but 0.7700 proved a step too far once again (it topped there earlier in the week after the RBA).
EUR/USD has been tightly range-bound - no fresh news of note. uUSD/CHF tight range also.
Cable has edged a few points higher, this just a while ago from the FT: FT: EU gives UK 2 to 3 weeks to make Brexit bill offer
USD/JPY ticked higher through much of the session, shaking off the US Pacific Fleet news and perhaps reflecting the weaker data on the day (machinery orders a big miss). It sat around and above 114.00 for a good few hours but is off the highs as I post and circa 113.90. Small range for this also.
