Forex news for Asia trading Thursday 12 January 2017

  • Is a free-floating yuan getting more likely? (Put me down as a "no")
  • More on the PBOC and BTC - conducted an "inspection" at online bitcoin exchange
  • And ... China NDRC head says economy faces complex environment, stable currently
  • China commerce ministry: Facing big downward pressure on trade this year
  • China to merge 5 state media cos to increase state voice in eco & financial news
  • USD/JPY slipping to session lows
  • When a central bank halts intervention, the case of the SNB EUR/CHF capitulation
  • PBOC sets USD/CNY central rate at 6.9141 (vs. yesterday at 6.9235)
  • NAB on AUD/USD, gotta stay below 0.7525 for medium term downtrend to stay in play
  • Australia - (November) credit card balances $A52.5bn and purchases $A27.1bn
  • Japan press: BOJ may find it harder to steer interest rates once Trump takes office
  • New Zealand - ANZ Commodity Prices for December: +0.7% m/m (prior +2.7%)
  • Japan data - BoP & more
  • BoA/ML "see GBP drop in Q1, but will buy the dip"
  • Trump plunging in the polls (and why that doesn't matter)
  • Trade ideas thread - Thursday 12 January 2017
  • NZ data - ANZ 'Truckometer' for December: -0.1% m/m (prior +4.0%)

The extremes for USD weakness established in US trade overnight held here today (nearly) across the board. After starting around 115.50 USD/JPY slipped lower for most of the session (stabilizing above 115.00 for some time before lower again); as US 2 year yields slipped so did the dollar.

EUR/USD ticked up toward its overnight high, as did AUD, NZD and CHF against the USD. GBP/USD was a bit of a laggard, well below.

Net over the session yen crosses were the stand-out sliders, EUR/JPY off 80-odd points for example.

Gold managed to break above its overnight high, but the follow-through has been limited. Oil has done not a lot for the session, it bounced a little into early Tokyo morning but has since drifted off again. Not a lot in it.

Regional equities; the Nikkei was very heavy indeed today:

  • Nikkei -1.34%
  • Shanghai +0.20%
  • HK -0.27%
  • ASX -0.22%