Forex news for Asia trading Tuesday 14 November 2017
- Heads of the Fed, ECB, BOJ, BoE all speaking during Europe time
- More China data - October FDI up 5% y/y
- "Goldman Sachs Says Central Banks Mostly Avoid Confusing Markets"
- Bloomberg on "Australian Business Conditions Surge to Highest on Record"
- China 10 year bond yield rises to highest since 2014
- China's stats bureau says economic growth is within a reasonable range
- China October Retail Sales 10.0% y/y (expected 10.5%)
- China October Fixed Assets (excluding rural): 7.3% y/y (expected 7.3%)
- China October Industrial Production: 6.2% y/y (expected 6.3%)
- PBOC sets USD/CNY reference rate for today at 6. 6399 (vs. yesterday at 6.6347)
- Australia press: Business conditions soar to all-time high, says NAB
- More on urgings by ex-SAFE official for looser yuan FX control
- Nearby FX options for Tuesday 14 November 2017 expiry
- Australia data - October Business Conditions 21 (prior 14) & Confidence 8 (prior 7)
- US Treas Sec Mnuchin says looks forward to successful House tax vote this week
- China data - industrial production, retail sales, investment - due soon - preview
- More Australian politics - ex-NSW Premier Keneally to run in Bennelong
- More from ex-Fortress executive Novogratz on Bitcoin
- Ex SAFE official says China should ease FX controls
- 8 factors driving the Australian and New Zealand dollars
- Australia - ANZ-Roy Morgan Consumer Confidence: 114.8 (prior 112.6)
- Australian politics - another senator to resign over dual citizenship
- Ex-Fortress Novogratz says bought $15 - $20m of Bitcoin over the weekend in pullback
- US Brady says confident has the votes for passage of tax bill
- BlackRock's Fink: Global growth is synchronized, signs of stress in riskier markets
- Uh-oh ... Italy fails to qualify for the soccer World Cup
- Trade ideas thread - Tuesday 14 November 2017
- China data due today - what to expect (quickie)
- Economic data due from Asia today - China and Australia focus
- Videgaray - there will be political consequences if NAFTA breaks
Some movement for the Australian and New Zealand dollars today in Asia, with plenty to drive the two. Movement began with a weaker Australian dollar, seemingly in response to more political ineptitude - another Senator resigned for contravening the Constitution (dual citizenship issue ... which has claimed 8 scalps now and likely more to come).
The Australian dollar dipped lower, toward 0.7600 against the USD.
A little later we got rip-tearing data from the National Australia Bank October Business Survey, with business conditions surging to their highest ever for this survey (the survey began in 1997). As a caveat, forward orders came off a bit, which may indicate there is some weakness to come, but nevertheless the Australian dollar traded up.
AUD/NZD buying, though, translated into NZD/USD sliding a little over the session.
But, I digress, the fun wasn't done for the AUD. Chinese data came out a little later, a miss on retail sales and industrial production (October data) which saw a diop for the AUD (not by too much, but then again the entire day's range is under 40 or so points). The dip in AUD didn't help NZD, it slid to session lows and is a few points above these as I update.
Oh yeah ... there are other currencies ...
A small range session for EUR, yen, CHF, GBP and CAD with little in the way of fresh news to drive any of these. Note that the heads of the European Central Bank, Federal Reserve, Bank of Japan and Bank of England all speak today (Tuesday) during London time, 10am GMT. Stay tuned!
And ... I haven't updated on the Nikkei this week as yet:... the past month chart:
Last week it was reported that the Japanese Government Pension Investment Fund (GPIF) had pretty much reached its target weighting of 25% for domestic (Japanese) equities, which has diminished support somewhat ....
