1 minute ago | September 2nd, 2014 01:53:39 GMT

Japan data – a closer look: Japanese wages up most since 1997

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Japanese wages unexpectedly up 2.6% from a year ago in July (data here: Japan – July Labor Cash Earnings: +2.6% (vs. expected +0.9%)

  • Climbed by their most since 1997,
  • Should be a  boost for consumer confidence and household spending
  • Details of the report are slightly less encouraging than the headline, but still optimistic:
  • Regular earnings grew 0.7% y/y (June was +0.2%) for the most since March 2000
  • Wages for overtime hours rose 1.9% (3.9% in June)

More at FastFT (gated)

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12 minutes ago | September 2nd, 2014 01:43:15 GMT

USD surging in Asia

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No particular news to point the finger at, but the USD is surging.

GBP, EUR, yen, AUD, NZD, and CAD all suffering.

The CHF has lost only a little ground, but relatively it’s doing OK

4 Comments

25 minutes ago | September 2nd, 2014 01:30:18 GMT

Australia – Q2 BoP Current Account balance: -13.7bn (vs. expected -14.0bn)

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Quarterly BoP Current Account balance, for Q2, -13.7bn

  • expected -14.0bn, prior was -5.7bn

The ‘net exports as a % of GDP’ for Q2, -0.90

  • expected was -0.7%
  • prior was 1.40%

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Weak data will detract from the Q2 GDP (for release tomorrow, but the RBA will have it for today’s meeting)

This data will subtract about 0.9pp from June quarter GDP

0 comments

40 minutes ago | September 2nd, 2014 01:14:39 GMT

AUD/USD & NZD/USD orders

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AUD/USD – it’s a big day for data and the RBA so take extra care …

  • Sellers 0.9375, more 0.9390/0.9410 … stops mingled in above 75
  • Buyers 0.9300/10/15
  • Buyers 0.9280, 0.9250/60

Current 0.9329

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NZD/USD

  • Sellers 0.8410/ through 35 and more ahead of and at 0.8450 – some stops mingled above the figure and again above 30
  • Buyers 0.8330/35/40 then 0.8300/10/20

Current 0.8374

0 comments

47 minutes ago | September 2nd, 2014 01:08:20 GMT

New Zealand – ANZ comments on August Commodity Price Index results

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ANZ Commodity Price Index (measures the change in the selling price of exported commodities) for August, -3.3% m/m, the second-largest decline of the past 6 months

  • prior was -2.4%
  • Index falls to a 6-month low
  • Milk powder and butter prices ‘double-digit declines’, dairy sub-index falls 11.8% m/m to a 23-month low
  • Beef prices up 13% m/m (setting a new record high)
  • Aluminium prices increased 4% to an 18-month high
  • Wool prices recovered 2% from a dip last month
  • Commodity prices down 7.2% y/y
  • After converting to New Zealand dollars, prices dropped 0.4% m/m and 12.5% y/y

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