Forex news for Asia trading Wednesday 25 March 2015
- CS: Markets are overestimating China's policy flexibility & Markets too bearish on global growth
- Canada - "Bank of Canada on hold until end of 2016"
- Japan finance minister Aso: Hard to see hyper-inflation happening in Japan economy now
- Westpac MNI China Consumer Sentiment for March: +2.4% m/m to 114.7
- Bank of England deputy governor: Next rate move likely to be up
- Fonterra CEO comments on the wires - China milk demand looks promising
- RBA Financial Stability Review: Risks in commercial property market appear to be growing
- Australia press: Top bond fund sees 50% chance of recession - rates below 1%, AUD below 60 cents
- Japan PPI Services for February: +3.3% y/y (vs. expected +3.3%)
- "EUR rebound starting to run out of steam"
- BNP - "Continue to favour NZD and CAD over AUD"
- BOJ's Iwata: Japan's economic recovery likely to gradually spread
- Westpac on the Australian dollar - could extend its gains in coming weeks
- BOJ's Iwata says more will start feeling economic recovery
- Nikkei: BOJ's stock portfolio swells to 10 trillion yen
- BOJ should scrap the 2 year time frame on inflation target says Uni prof.
- New Zealand February trade balance: + 50m (vs. +350m expected)
- Fonterra leaves milk price forecast at $4.70/kg, as expected
Early activity in the NZD, with both Fonterra disappointment and a big miss on the trade surplus weighing on it.The kiwi did find support at 0.7820, enough for a small bounce, and the level held a second time with a renewed bout of USD strength across the board in the Tokyo morning. NZD then posted a 30-odd point bounce beore faltering ahead of 0.7660 and being near the middle of its session range as I update.
A news item for GBP also, with BoE deputy Governor Shafik reported in a local newspaper as saying the next move for rates in the UK was up (see bullets, above).
EUR/USD tested toward 1.0900 on the Tokyo morning USD strength, bounced 35 or so points. USD/CHF, meanwhile, was a little less active in its range.
AUD followed a similar sort of pattern - the RBA Financial Stability Review not impacting to any great extent.
Oil was range-bound, gold is lower on the session with a little choppiness.
