Forex news for Asia trading Monday 9 March 2015
Weekend:
- Varoufakis warns of early election or referendum if EU rejects latest Greek proposals
- SNB may cut deposit rate to -1.5% (from -0.75% currently) if CHF goes wrong way
- China February trade balance: +$60.62bn (expected +$6bn) ... plus exports, imports y/y
- Daylight saving time kicks in for the US and Canada on Sunday 8 March 2015
- EU Commission chief Juncker: Greece will never quit euro zone
- ECB's Coene - "Reform is the only way ..."
- Bank of Canada Governor Poloz doesn't regret surprise cut
- Morgan Stanley - Here is why it's difficult for EUR to rally2
- The strongest and weakest currencies this week
- Forex technical analysis: Sell Friday/Buy Monday for the EURUSD?
Monday:
China
- HSBC forecasting more China private bond defaults
- China's imports of scrap copper unlikely to rebound from a 10-year low
- China's stocks fell to a three-week low ... not just US interest rates driving it
- PBOC unlikly to widen yuan trading band this year says UBS
- UBS maintains China 2015 growth forecast at 6.8%
- Moody's: China lowered growth target a credit positive
- "The endgame of communist rule in China has begun"
- Reports EU to impose anti-dumping duties on China stainless steel cold-rolled sheet
Australia/New Zealand:
- Global iron ore supply set to expand further, producers press on with capacity expansions
- Moody's: Australian prime RMBS delinquencies stable in Q4 2014, improved y/y
- New Zealand PM Key - RBNZ looking at tools so they don't have to tighten
- RBA stress tests households - household sector remained resilient
- Australia - ANZ job advertisements for February: +0.9% (prior +1.2%)
- Australia dollar - likely to trade in 60 cent range, even as low as 50s says CS's Deverell
- Hedge fund manager - Australia headed for recession, nothing the RBA can do to stop it
- New Zealand - Manufacturing activity (seasonally adjusted) for Q4: -0.7% (prior was -1.2%
USA:
- US equities - reasons to be careful
- US NFP result ... enough to explain fall in US bond prices? Here are 4 more factors
- The Federal Reserve Fed funds target is a range now not a fixed point as in the past
- Federal Reserve primary dealers - more conviction of 2015 rate lift-off
Japan:
- BOJ's Nakaso: Japan's economy has continued a moderate recovery trend
- Japan Q4 GDP data out today - more
- Japan - BoP Current Account Balance for January: ¥ 61.4bn (expected ¥ 270.4B)
- Japan - GDP (seasonally adjusted) for Q4 (final): +0.4 % q/q (expected 0.5%)
Europe:
- Greece's provisional agreement to avert a default - latest proposals fall short
Not a huge amount of activity today in Asia after Friday's NFP in the US. EUR/USD, cable, USD/CHF all pretty subdued ranges.
USD/JPY was mainly flat but had a bit of a gain from early Tokyo into lunchtime there, testing back above 121.10 (very marginally). Given quiet ranges elsewhere in the majors, yen crosses were a touch higher ... 'cept for ...
Some activity, though, in AUD/USD and NZD/USD - both of which lost a little ground against the USD to register new lows since Friday. Again, though, the extensions lower were only marginal.
Still to come!
- Euro-zone finance ministers meet on Monday in Brussels
and
- 9 events to watch in the week ahead - Australia and New Zealand dollars
