Forex news for Asia-Pacific trading on Aug 29, 2016
- Top development head says China needs urgent economic transformation
- HIA Australian new home sales -9.7% m/m vs +8.2% m/m prior
- BOE's Haldane: UK to see house prices "relentlessly heading north"
- ECB's Coeure says interest rates could stay low if other policy areas don't contribute
- Kuroda at Jackson Hole : BOJ will act "without hesitation" to revive inflation
- SA's finance minister Gordhan is expected to be charged this week in "rogue spy unit" case
- Germany expecting "up to 300,000" migrants this year
Markets
- EUR leads, JPY lags
- Gold down $4 to $1317
- WTI crude down 57-cents to $47.07
- Nikkei 225 +2.4%
Yen crosses started out the week well after Kuroda hinted at the possibility of more easing in all three of the BOJ's dimensions in a speech a Jackson Hole on the weekend.
USD/JPY was strong early in a rise above 102 but it slipped back in the hour before Tokyo got involved. As Japan ramped up, so did USD/JPY and it's held a steady bid since. Last at 102.18, up 34 pips on the day.
The AUD is a laggard with commodity prices under some pressure and perhaps in a small part because of the soft HIA home sales report. AUD/USD is down 15 pips to 0.7550 after falling as low as 0.7525.
Those looking for some better action might be waiting because the UK is closed today for the Summer holiday. That will mean tight ranges and consolidation at least until New York shakes things up.
