Forex news for Asia trading Tuesday 7 July 2015

  • Japan - Abe economic advisor Hamada: BOJ can respond if yen strengthens on Greece
  • Greece: Time for the adults to speak.
  • Germany, France press Greece to make fast, credible proposals
  • People's Bank of China to inject liquidity today
  • Oettinger in Bild - Greece likely to issue IOUs, could pave way to Grexit
  • China's PM Li talks up the Chinese economy
  • Australia - June construction PMI: 46.4 (prior 47.8)
  • Australia - ANZ Roy Morgan weekly consumer confidence: 111.0 (prior 116.3)
  • China - survey shows property investment regaining its appeal as stocks fall
  • Soc Gen on EUR/USD daily & weekly charts, what is needed for bearish signals
  • China Securities Journal: China's economy provides basis for bull market
  • Goldman Sachs EUR/USD outlook ... looking for a break to signal next move
  • New Zealand - NZIER Business Opinion Survey for Q2: 5 (prior 23)
  • Iron ore price drop in the news
  • Preview of the RBA meeting Tuesday 7 July 2015 - no change expected, but ....
  • Trade ideas thread for Tuesday 7 July 2015
  • ECB's Nowotny - If Greece goes bankrupt, ECB unable to provide more liquidity
  • Greek PM Tsipras and ECB head spoke on Monday, discussed bank liquidity

The big, huge, massive moves on the day were again in Chinese stock markets, which all fell heavily again. Chinese authorities were active over the weekend with efforts to prop it up, and Premier Li was jawboning good news on China's economy, but all to no avail as stocks continued their slide.

As of midday in China .... Shanghai Composite is down more than 3%, Shenzhen down more than 5%, ChiNext -5.7%.

EUR was a reasonable mover (for this time zone) despite the market seemingly holding its breath ahead of the Eurogroup meeting on Tuesday in Europe. EUR/USD slipped lower, though not huge, from around 1.1060 early to under 1.1030 (as of writing). There was no fresh news from Greece nor Europe.

Cable dribbled a few points lower, as did the Swiss franc. EUR/JPY was slightly bid earlier as USD/JPY put on nearly 50 points, but dropped away duirng the Tokyo lunch break break as USD/JPY gave back a little of its earlier gain.

AUD/USD remained offered throughout. It lost ground early, stabilised somewhat around 0.7480 before marking new session lows as I update. NZD/USD was heavy also, with an initial dip on poor business survey results (from NZIER, see bullets, above) though not quite so weak as the AUD on the day.

We await the RBA meeting result at 0430GMT.

Oil retraced a little higher, just a few cents. Gold is more or less unchanged after a slight wiggle a little higher through the Asian morning.