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Forex news for Asia trading Tuesday 29 March 2016
- Japan government "eyes >Y5 tln stimulus steps"
- AUD higher - cross buyers, momentum cited
- Groundhog day? USD/JPY higher again
- PBOC sets USD/CNY central rate at 6.5060 (vs. Monday at 6.5232)
- China SOE bond default - nasty news
- Japan retail sales data for February: +0.5% y/y (expected +1.6%)
- Japan eco min Ishihara: PM Abe will make appropriate sales tax decision
- Japan data: Spending +1.2% y/y (expected -1.9%). Jobless rate 3.3% (expected 3.2%)
- Westpac on the AUD data showing most bullish since April of 2013
- China Beige Book: revenues steady, profits up, new employment down, capex slowing
- Gundlach says April Fed rate hike 'inconceivable' after lower GDP forecasts
- Australia press: "Australian credit cycle may have finally turned"
- Oz fund manager says overvalued AUD to shake RBA confidence, force rate cut
- Trade ideas thread - Tuesday 29 March 2016
Not a big move day in Asia, but a few notable nonetheless.
USD/JPY and some yen crosses traded higher. USD/JPY has been a mover in Asia of late and, while not large, it was up again.
AUD and NZD buying noted also, taking both to new highs (vs. overnight trade) - Japanese names were notable buyers and the yield attractiveness is still being cited as a catalyst.
GBP/USD and USD/CHF were little changed, and pretty much the same for EUR/USD. Perhaps we'll more action as Europe opens after the Easter break, but these were not where the (limited) action was in Asia today.
Gold drifted a few dollars lower while oil is little changed.
On the data front today we got a better reading for household spending in February (Japan), but on the other hand retail sales data was a miss.
Keep an eye out in coming hours for a potential economic stimulus announcement from the Japanese government.
Regional equities:
- Nikkei -0.4% (It could have been worse, Tokyo stocks trading ex-div today)
- Shanghai -0.9%
- HK -0.29%
- ASX -1.33%
Still to come:
- Federal Reserve Chair Janet Yellen speech: Economic Outlook and Monetary Policy, (at the Economic Club of New York Luncheon). Preview here
More:
- Need to get capital out of China? Got a credit card? Read on ... The Credit Card Loophole That Gets Around China's Capital Curbs
- The Most China-Dependent Economy Isn't So Keen on Chinese Money.