Forex news for Asia trading Monday 23 November 2015

Monday

  • For the Federal Reserve its 'Mission Accomplished' ... what's next?
  • Japan government plans to raise minimum & other wages - more detail
  • Nikkei reports Japan to consider boost to minimum wage
  • PBOC sets USD/CNY mid-point Monday at 6.3867
  • Goldman Sachs chief economist expects 100bp of Fed rate hikes in coming year
  • RBNZ to cut in December and twice in 2016 says ASB
  • Barclays advise to sell EUR/USD on any squeeze higher into December ECB meeting
  • US GDP expected to be revised higher on Tuesday
  • Federal Reserve leaks policy information, regularly and predictably timed
  • New Zealand migration data for October
  • Trade ideas thread for Monday 23 November 2015
  • UK spending review: "tightest fiscal squeeze of any advanced economy"
  • Canada - Alberta to introduce economy-wide tax on carbon emissions in 2017
  • BoA on the #1 black swan event for the oil market in 2016
  • Monday morning Forex prices, 23 November 2015, early indications

Weekend

  • Spain's economic growth showed a sharp improvement in October
  • Markets will be cautious ahead of potential bombshell from the US Fed tomorrow
  • Brussels remains on highest alert as hunt for terrorists continues
  • Fed's Williams says assuming data is good, 'strong case' for December hike
  • Japan to streamline its lending process in a bid to increase market share in Asia
  • Iran says it does not need permission from OPEC to raise oil production

Sharp moves lower in metals prices on Monday here in Asia, but also for commodities more generally. For example:

  • Nickel hit its limit down in Shanghai
  • Shanghai steel futures hit an all-time low

Across the currencies it was a story of US dollar strength. NZD led the way early, and steadily lost ground until finding support just ahead of 0.6500. AUD was a big faller on the session, back down toward lows from late last week before finding some support.

Yen, CHF and GBP all lost ground to a greater or lesser extent against the USD.

EUR carried on with its Friday weakness (Dr. Draghi was heard to mutter "its all going according to my cunning plan" somewhere, I imagine). Federal Reserve SF head Williams was on the wires over the weekend outlining what it'll take for a Fed rate hike in December, and there was also the rehashing of Thursday's news of a Federal Reserve meeting to discuss the discount rate coming up on Monday.

The People’s Bank of China set the yuan mid-point against the USD at it weakest since August 31.

If the big falls falls in metals pricing in China today had an impact on regional stock markets it was not very noticeable. Japanese markets were closed for a holiday today, and so thus apart from the closed Nikkei regional stocks managed to shake off concerns and be only changed lsightly.

Regional equities with Shanghai closed for the lunch break:

  • Shanghai +0.39%
  • Nikkei closed
  • HK -0.03%
  • ASX +0.38%