New Zealand GDP fell 0.9% in Q2, adding pressure on the RBNZ to accelerate cuts, while Australia’s labour data, steady HK and China policy decisions, and US crypto ETF news rounded out the session. Markets saw modest FX moves on the data flow.
- China resists Fed easing, holds 1.40% rate as exports and stocks buoy outlook
- Yuan gains could trigger hundreds of billions in corporate dollar sales.
- Mercer says Trump’s trade and Fed pressure spur investor shift away from US assets.
- Australia loses 5,400 jobs in August, unemployment steady at 4.2%. What's deal with that?
- Goldman Sachs AM sees Fed cutting 25bp in October and December after latest move
- AUD/USD has been marked down following the disappointing job loss numbers in August
- Australia August 2025 jobless rate 4.2% (vs. 4.2% expected)
- PBOC sets USD/ CNY reference rate for today at 7.1085 (vs. estimate at 7.1113)
- Meta launches $799 Ray-Ban Display AR glasses with neural wristband
- New Zealand dollar extending its losses after terrible data, forecasts for more rate cuts
- Westpac forecasts Reserve Bank of New Zealand rate cuts in October and November
- Japan machinery orders +4.9% y/y (expected +5.4%)
- Hong Kong's central bank follows the Fed, cuts base rate by 25bp to 4.5%
- Bank of England meeting preview - to slow bond sales, keep rates steady at 4%
- Reuters: China auto glut sparks discounts, gray markets, and survival fears for carmakers
- New Zealand Q2 GDP -0.9% q/q (vs. -0.3% expected)
- US SEC votes approve generic listing standards for new crypto ETFs
- Three police officers have been fatally shot - Pennsylvania, USA
- FOMC responses - Fed edging toward neutral, but sticky inflation may delay easing
- Deutsche Bank raises 2026 gold forecast to $4,000, silver outlook to $45
- Golden Trump statue with Bitcoin was installed outside Capitol before Fed rate decision
- The Central Bank of Brazil leaves its benchmark Selic rate unchanged at 15%, as expected
- Cat fight: Bessent threatened to punch Pulte in the face, Pulte is already taking revenge
- Preview: Australia’s jobs market cooling as unemployment set to rise modestly (muted AUD)
- investingLive Americas FX news wrap: Fed and Bank of Canada both cut a quarter-point
- Bank of Japan meeting begins today, rates expected to kept on hold - Nikkei report
New Zealand’s economy shrank 0.9% q/q in Q2, a result likely to be viewed as uncomfortably weak by the Reserve Bank of New Zealand. Governor Hawkesby recently noted the bank could cut faster if the data warranted, and today’s GDP print will strengthen the case for a 50bp move in August. Markets now see a cut in October to 2.5%, followed by a move to 2.25% in November. NZD/USD fell on the release.
In Hong Kong, the Monetary Authority lowered its base rate by 25bp in step with the Fed. By contrast, the People’s Bank of China left its main seven-day reverse repo rate unchanged at 1.4%, signalling no urgency to ease further.
From Australia, August labour force figures showed a net job loss, led by full-time positions. The unemployment rate held at 4.2% as the participation rate slipped. While the weak tone marginally pulls forward expectations for the next RBA cut, it is unlikely to be enough for action at the September meeting. AUD/USD dipped on the release but pared most of its losses.
Elsewhere, crypto received another boost as the US SEC approved new listing standards for spot crypto ETFs, clearing the way for products tied to tokens such as Solana, XRP, and Dogecoin. The change slashes approval time to around 75 days, with the first launches possible in October.
Asia-Pac stocks:
- Japan (Nikkei 225) +1.27%
- Hong Kong (Hang Seng) -0.1%
- Shanghai Composite +0.45%
- Australia (S&P/ASX 200) -0.5%
