Forex news for Asia trading Thursday 9 July 2015
- Australia employment data - analyst responses
- Xinhua - China police to investigate malicious short selling of stocks
- China June CPI: 1.4% y/y (expected +1.3%), and PPI -4.8% y/y (expected -4.6%)
- Australia June Employment change: +7.3K (vs. flat expected)
- China Central Huijin Investment won't sell holdings of publically listed shares
- Caijing: China Govmt owned securities lender loans 5 fund mgmt cos to buy stocks
- Japan PM Abe: Japan will work closely with G7 partners on Greece
- Here is what a Greek exit from the euro will look like
- Japan data - machine orders, securities flows, M2, & M3
- China stock market - morning press headlines
- UK data - RICS House Price Balance for June: 40% (expected 36%)
- UBS on Gold: Where Are The Safe-Haven Flows?
- Templeton's Mobius: PBOC, govt measures on China stocks, 'creates more fear'
- NZ June Electronic Card Transactions, Retail: +0.5% m/m (expected +0.5%)
- New Zealand ANZ Truckometer for June: +1.6% m/m (prior was -1.0%)
- Alcoa: "China ... a medium-high growth economy"
- Goldman Sachs says on the FOMC Minutes: "We see ... a first hike in December"
- Greek banks to remain closed all of this week
Little in the way of Greek news today through the Asian session, and only minor movement in European currencies ... EUR and CHF both traded subdued ranges, while cable edged a few points higher.
Action elsewhere, though.
The catalysts seemed to the Chinese stock market today. Prior to the opening the market was bombarded with intervention intention headlines from the Chinese press. Stock nevertheless opened weaker, but the opening was the weakest part of the morning, Shanghai and Shenzen both recovered somewhat to be a little higher by the lunch break.
Whether it was a flight from safety or not, the yen lost ground, with USD/JPY up strongly (nearly a big figure from US lows), and EUR/JPY also (ditto on the near big figure gain).
We had better than expected employment data from Australia today, which gave the AUD a kick higher on its release, only to fall back very quickly. Price gains in iron ore in China along with sharemarket recovery were the talk of the town, and the AUD traded higher to be nearly 80 points up from earlier lows. NZD/USD, too, traded lower early, but gained around 50 points.
Oil performed well, continuing its US afternoon bounce. Gold was more or less flat on the session.
