Good day one and all
Plenty going on out there to start the week and I hope it’s making you a few pips
Datawise we have UK final Q2 GDP, German unemployment and Eurozone CPI as the stand outs this morning with Canadian GDP later.
As always, I wish you a successful session
Times GMT+1 (UK)
Economic Data (1) 30 Sept
Economic Data (2) 30 Sept
Economic Data (3) 30 Sept
Economic Data (4) 30 Sept
Weaker than expected but as with most Japanese data is largely ignored
Japanese construction orders mm
Japanese PM just out on the wires.
No further detail but not making any impact on Nikkei or JPY
Forex trading headlines for Asia Tuesday 30 September 2014
A little USD weakness in Asia today across the board, with a 40 or so point rally for cable from earlier lows, EUR/USD up around 20 from its lows, and USD/JPY dropping 30 points from earlier highs around 109.50. USD/CAD was off 20 or so points, and USD/CHF down about 15.
It was the AUD and NZD, though that performed best. AUD/USD dropped to session lows in mid-morning Sydney time, not quite managing to test yesterday’s lows, but only about 10 points off there. It then gained to above 0.8720 before a wobble and then a more sustained gain through to above 0.8760. Lending data from the RBA and HSBC manufacturing PMI were both released (see bullets, above), the AUD higher despite weaker than expected headlines on both (but Australian investor lending now at highs not seen since march 2008 – see bullets.
NZD/USD, too, put on a bounce, from just below 0.7750 in gained to touch 0.7825before settling a little lower as I type.
From the Financial Times: “US poised to become world’s leading liquid petroleum producer”
(FT is gated)
- The US is overtaking Saudi Arabia to become the world’s largest producer of liquid petroleum
- US … output is set to exceed Saudi Arabia’s this month or next for the first time since 1991
- US crude oil production in August was still lower than either Saudi Arabia’s, at about 9.7m b/d, or Russia’s at 10.1m b/d. The overall US leadership in petroleum is accounted for by its higher production of natural gas liquids such as ethane and propane
From the Australian Financial Review … the RBA concern in a nutshell (bolding mine):
- Investor borrowing growing last month at the fastest pace in more than six years
- In a fresh sign of an investment housing boom that has raised alarm bells at the Reserve Bank of Australia, credit for buy-to-let properties rose 0.8 per cent in August, taking the annual gain to 9.2 per cent – the most since March 2008, before the global financial crisis
- RBA “officials are increasingly concerned the investor frenzy could be creating a house-price bubble that may trigger economy-wide fallout if it and when it bursts”
Investor borrowing jumps to six-year high (gated)
“Hmmmm” says Mr. S
Japan finance minister Aso:
- Job market conditions steadily improving
- Decline in August household consumption is due to bad weather, pick up trend continuing
- Does not see economic fundamentals weakening
Japan economy minister Amari:
- Economy struggling slightly to rebound from slump
- Recent economic data has been mixed but still expect economy to recover
- Economy has not developed as expected after sales tax hike
- Rebound from sales tax hike taking longer than expected
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