Forex trading headlines for Asia Thusday 29 May 2014
- Bank of England’s Weale – Should start raising rates sooner rather than later
- Japan – April Retail Trade: -4.4% y/y (vs -3.3% expected)
- Japan Buying Foreign Bonds, Y 90.5B
- China Beijing Safe Bank Investment Funds is unable to repay investors
- Australia Housing Industry Association (HIA) New Home Sales for April: +2.9% m/m
- China – Premier Li says fundamental fiscal and monetary policy will remain intact
- Australia Q1 Private Capital Expenditure: -4.2% and more here
- BOJ’s Shirai: Positive cycle of output, income, expenditure likely to continue in Japan
Other:
- Goldman Sachs view on euro ahead of the ECB meeting
- Front page of UK’s “The Times” … the Queen will not be happy with this at all
The Australian dollar was the biggest mover today, drifting sideways into the release of private capital expenditure survey results but rallying afterwards. The iniital move on the release of the headline (which came in worse than expectations) was a dip in the AUD. It didn’t last more than a few moments – one, because there are good bids at and ahead of 0.9200, but secondly because the details of the capex freport were not seen as nearly so bad. The details are in the bullets, above. A short AUD market was the third contributor, taking the AUD back toward 0.9270, where it stabilized for an hour or so. There was then a further stop loss run above 0.9270 and 0.9275, with sellers encountered above 0.7280 that stretch to the 00.
USD/JPY ground its way back to near overnight lows, dropping around 20 points on the session. The retail sales data and the BOJ’s Shirai’s speech were the two data items today (see bullets, above).
EUR, CHF and GBP were relatively quiet yet again, all confined to tight ranges but all nevertheless strengthening a little within those bounds. EUR/USD led the way, ticking slowly but steadily above 1.3600/05. Cable gained ground too, back above 1.6720. But, like I said, the rnages were not large.
