Forex news for Asia trading Wednesday 11 March 2015
- China steel output to fall this year says biggest industry group
- China vice finance minister denies China planning to introduce quantitative easing
- NZD - Milk formula exporters say some orders reduced, halted
- Goldman Sachs: 80% of bitcoin volume is now exchanged into and out of Chinese yuan
- Bloomberg survey shows most economists think 140 USD/Yen needed to CPI goal
- New Zealand PM Key: Says NZ inflation is probably headed lower
- BOJ's Shirai: More uncertainty in timing of nearing BOJ's 2% target
- Reserve Bank of Australia "should consider currency intervention "
- Australia data - January Home loans: -3.5% m/m (expected -2.0%)
- Japan data - February PPI: +0.5% y/y (vs. +0.4% expected)
- Japan data - January machine orders: -1.7 % m/m (expected -4.0%)
- Australia - Westpac Consumer Confidence - more
- Australia - Westpac Consumer Confidence Index: -1.2% m/m (prior +8.0%)
- Westpac says AUD to hit 0.75 soon, ABN Amro bearish AUD too
- More from RBA's Kent: RBA said in last statement further cut may be appropriate
- RBA Assistant Governor Kent speech: AUD remains high given state of economy
- Oil - US crude stockpiles fall 404,000 BBLS
Some USD strength again today in Asia, but not so widespread.
USD/JPY dipped in the Tokyo morning, but soon bounced back 50-odd points. There were news and data headlines but none seemed to be decisionve in any of the moves (see bullets, above).
EUR, GBP and CHF all dipped a little against the dollar, but the moves were nothing like yesterday's near one-way action.
AUD and NZD took more hits, to new lows (insert relevant time frame here:-D ). An Australian Financial Review newspaper columnist in Australia suggested the RBA should intervene to sell the currency, which seemed to weigh on it for the session. but further mairy-formula extortion news hit the NZD hard, which also contributed to AUD weakness. They are both plumbing new session depths as I update. ANd USD to a new session high for USD/JPY.
Still to come ... ( a bit later):
- Preview of the RBNZ meeting on Thursday (NZ time, Wednesday afternoon US time)
- RBNZ preview from Westpac
- RBNZ preview from Nomura
