ForexLive Asia FX news: Oil jumps, CAD "me too!"
Forex news for Asia trading Monday 15 May 2017
- Oil inventory in floating storage has declined by a third since start of 2017: OPEC source
- CAD gains on oil news - Russia, Saudi Arabia in favour of extending OPEC deal
- OIL - Russia, Saudi Arabia in favour of extending OPEC deal for 9 months
- More from China, NBS says steel output is at a record high
- China President Xi: Global trade, economy facing challenges
- China April industrial production, retail sales, & investment data
- Australia - (March) Home loans -0.5% m/m (expected flat at 0.0%)
- The China -US trade deal last week and how it'll impact the energy market
- PBOC sets USD/CNY central rate at 6.8852 (vs. Friday at 6.8948)
- Japan press on "pall over Japan Inc.": China slowdown, stronger yen, labor shortages
- More on Sunday's North Korea missile launch - "most-sophisticated missile yet"
- Japan PPI for April 0.2% m/m and 2.1% y/y
- Australian housing finance data due today - 2 previews
- New Zealand Q1 Retail Sales (ex-inflation) 1.5% q/q vs. 0.9% expected
- New Zealand Services PMI for April 52.8 (prior 58.8)
- BoC Governor Poloz says Home Capital Group troubles are "idiosyncratic", contained
- Russian central bank analysts on the impact of an artificially depressed rouble
- China's Premier Li spoke on the weekend on monetary policy, economy
- Trade ideas thread - Monday 15 May 2017
- Weekend G7 - reaffirmed existing G7 exchange rate commitments
- Welcome to the new forex week - weekend news wrap
- Economic data due from Asia today (& early forex price update)
- Monday morning Forex prices, early indications - 15 May 2017
- Chinese pledge shows just how much globalization means to the country
- Merkel tightens her grip on power: Wins North-Rhine-Westphalia
- Experts warn of another cyber-attack as the new week gets underway
- UK's Davis says EU trade talks need to be started as soon as possible
- Macron being sworn in as the new French president
- North Korea carries out another ballistic missile test
- Four highlights on the US economic calendar in the week ahead
- The chart shows what's at stake for Canadian housing
- Trump Russia investigators follow the money as Manafort bank records sought
- Scope of cyber attack grows clearer as spread slows
- Russian oil minister sees balanced market coming if supply deal extended
- China financing data Friday - April debt grew faster than expected
Oil jumped today on reports from Saudi energy minister Khalid Al Falih and his Russian counterpart Alexander Novak had agreed that the OPEC & non-OPC agreement to cut oil production output will be extended until March of 2018.
- Falih said the extension to the cuts will be on the same terms as the first deal
- Novak reiterated that the aim of the cuts is to rebalance supply and demand
- Note that ministers from the OPEC states are due to meet May 25 in Vienna to discuss any extension of cuts past the current deal for the first six months of 2017. Its not until there that any extension would be officially agreed to by OPEC. But Russia and Saudi are two of the biggest players, Russia is the world's biggest oil producer, while Saudi is the biggest exporter.
Along with the higher oil price CAD benefitted:
Apart from the CAD movement it was relatively subdued in other currencies. There was plenty of weekend news (see bullets, above - North Korea and a German state election the major items) but nothing the forex market took hold of, yet at least.
The yen found a few buyers early, USD/JPY 'gapping' a little bit lower in early deals, but this was soon covered. USD/JPY, as I update, is near a session high at levels slightly better than late Friday US prices.
EUR, CHF are both little changed on the session. GBP has net ticked up a little against the USD.
NZD was a gainer relative to the AUD, both are up just a little on the day. Australian housing finance data passed by with little reaction, as did the Chinese data, which showed a miss on all 3 of IP, retail sales and investment.
Gold, too, sightly higher.
- Nikkei -0.17%
- Shanghai +0.28%
- HK +0.51%
- ASX -0.05%