Forex and Bitcoin news for Asia trading Thursday 18 January 2018
- Forget fake news awards - let's give a gold medal to the most accurate central bank
- Oil - on the continued price gain today (inventory, Nigeria)
- Don't mess with China's Li(G)DP
- More from South Korea - not just on bitcoin this time - comments on won
- China SAFE says two-way yuan fluctuation will become a new normal
- China official says 2017 GDP +6.9%
- Bank of Japan officials reported as saying current stimulus to remain for now
- Reuters poll of 75 economists - all expect BoE on hold at next meeting
- South Korea says it'll make a decision soon on cryptocurrency regulation
- More on BoC's Poloz - Canada’s economy needs to run a little hot
- More on Sth Korea threat to shut down crypto exchanges
- South Korean regulator says considering shutting down all virtual currency exchanges
- China December property prices: +0.4% m/m for 'All China' (prior +0.3%)
- PBOC sets USD/ CNY reference rate for today at 6.4401 (vs. yesterday at 6.4335)
- South Korea's central bank leaves rates unchanged
- More on the monetary policy disagreements at the Federal Reserve
- China data to come - more previews of Q4 GDP and more
- Rumour time - unconfirmed reports USAF has been placed on high alert
- Australian jobs data for December: Employment Change +34.7K (vs. expected +15.0K)
- BoA/ML says EUR/CHF is heading to 1.20
- It's getting tense on set at CNBC
- UK data - RICS house price balance for December: 8% y/y (expected -1%)
- Australia consumer inflation expectations (January): 3.7% (prior 3.7% )
- China data to come - previews (#3 and #4) of Q4 GDP and more
- China data to come today - preview (#2) of Q4 GDP
- Earthquake off the coast of New Zealand, M5.8 (well off the coast)
- If crypto implodes, Bitfinex and Tether will be at ground zero
- White House says believes stop gap funding bill to avert shut down will pass
- More from Mester: Sees upside risks from US fiscal policy
- Australian jobs data due soon! Previews #4, #5, and #6 (these are quickies)
- Australian jobs data due soon! Preview (#3)
- Plenty of China data to come today - here is a preview of Q4 GDP
- Australian jobs data due today - preview #2
- Blockchain Capital partner says bitcoin not in a bubble
- US: Freedom Caucus Chair says house doesn't have votes to pass stopgap spending bill
- Australian jobs data due today - preview
- More from Fed's Mester: Does not think Bitcoin price moves will impact the US economy
- More from Fed's Mester: Gradual 2018 rate hikes are appropriate
- ForexLive Americas FX news wrap: Bank of Canada hikes rates
- US Treasuries yield still climbing - 5 year to its highest since February 2011
- Fed's Kaplan says room for 3 rate hikes this year
- Fed's Evans says less than 3 rate hikes this year is probably appropriate
- USD on the move: USD/JPY to a fresh high
- Bitcoin on a surge, well over 11,000 USD now
- Trade ideas thread - Thursday 18 January 2018
- OIL - private survey data shows larger than expected draw in US crude inventory
- Fed's Mester speaking on the Bank's communications
- Big day on the economic calendar in Asia today - China Q4 GDP later
- BoC's Poloz says he does not want to slow down business expansion
- Chinese holdings of US Treasuries have fallen to their lowest since July of 2017
There was plenty of news and data today. It kicked off with oil stockpile data from the US for the most recent week, showing a larger than expected draw and another support point for the oil price.
On to forex - we had comments following from Federal Reserve officials, Mester, Evans, Kaplan at various talks, Q&A's and pressers. While there was disagreement on the expected pace of rate hikes between them there was agreement the economy is performing well; and none of it slowed the gains for the USD. It was a solid session for the USD, with gains in late North America trade carrying on into early Asia and then some sideways since then without much of a retrace at all.
Later, the Australian dollar managed a pop in response to better than expected jobs data (jobs data beat again) but the higher AUD/USD was not sustained and as I update its net down a little but above its lows. NZD/USD followed a similar pattern.
After the Bank of Canada announcement Wednesday US time the CAD did little here in Asia today.
USD/JPY has managed to hold onto its gains and is on its session high as I update. Its worth checking out the bullet above on remarks reported from unnamed BOJ officials. There does seem to be movement being contemplated for policy ... but not yet.
Cable and USD/CHF are both little changed after their weakness in the US afternoon.
Bitcoin had a notable move - a USD2,000-odd bounce. Which is a bit of a change for it from recent days and is likely indicative of some stability present, at least for now. We'll see. More ban/regulate chatter from South Korea again today, but the 'boy who cried wolf' effect seems to be once again taking hold. A lot of talk, but not action forthcoming as yet.
ps. Stay tuned for the China data due at 0700 GMT: