Forex news for Asia trading Wednesday 9 September 2015
ForexLive education:
- Forex Education Video: Trading a "wonky" forex market
China
- Fitch: Rise in China's local government debt significant but "still manageable"
- Yuan mid-point reference rate for today set by the PBOC at 6.3632
- China's record FX reserves drop due to PBOC intervention, capital flight
Japan
- More from BOJ's Shirai speech
- BOJ's Shirai: Important for the BOJ to maintain accommodative environment
- Japan PM Abe says will lower corporate tax rate by at least 3.3% next year
- Japan - August Money Supply, M2 +4.2% y/y (+4.1% expected) M3 +3.4% y/y (+3.3% expected)
- Japan press - Abe faces "more daunting economic obstacles than before"
Australia and New Zealand:
- Head of Aussie stats bureau say looking at monthly CPI
- Comments from RBA's Lowe from Q&A now on potential growth rates
- Comments from RBA's Lowe on China, Federal Reserve and Australia
- Revisions to Australian employment data: jobs growth lower but unemployment rate unchanged
- Australia housing finance data for July. Home loans: +0.3% m/m (expected +0.8%)
- Australia - Westpac Consumer Confidence for September: -5.6% m/m (prior +7.8%)
- Is Australia about to get its very own 'ghost city'?
- Oil - Jeff Gundlach says rally in price likely to be short-lived
- US presidential candidate Bush to propose 3 tax rates, 20% corporate tax
- More detail on Kocherlakota's speech - Fed to Have Less Room to Raise Rates in Future
- UK data - BRC Shop Price for August: -1.4 % y/y (vs. -0.2% expected)
- Fed's Kocherlakota: lower neutral US real interest rate has raised stability risks
- The strategy of the hedge fund that's been the biggest buyer of US Treasury bonds
- Oil - overnight press - Indonesia to join OPEC & US may export oil
- Trade ideas thread for Wednesday 9 September 2015
Yen weakness was the theme early today, with USD/JPY and yen crosses rallying ahead of the Tokyo opening. If this was a heads up to better a risk environment in Asia today it was a good one.
Regional equity markets have all gained, with the Nikkei a stand-out performer (ADDED - check out Abe's headline, above, on lowering the corporate tax rate next year - at the margin a positive for Japanese business).
As I update:
Shanghai Comp +1.7%
Nikkei +5%
ASX +1.6%
Hang Seng +2.7%
USD/JPY has held its gains for the session.
EUR dropped back, with EUR/USD lower on the session. EUR/USD gained early on the back of EUR/JPY buying but as of updating EUR/USD is barely off its days lows, around 40 points off earlier highs.
Cable has been mmore or less sideways on the session.
The CHF gained early also, but USD/CHF has rallied along with the EUR/USD sli[pping away.
AUD and NZD had better sessions each, gaining along with the local equity markets. and both are barely off their highs as i update. The CAD, too, gained, along with better oil prices through the day. Gold, too, has added a few dollars.
Still to come:
- Preview of the Bank of Canada meeting - Barclays says on hold
- Bank of Canada meeting previews from BoA/ML and BNP
- RBNZ announcement due Thursday morning local time - preview
