Forex trading headlines for Asia Tuesday 3 August 2014
- Could scientists have discovered the ‘FX trading’ gene?
- Bank of America/Merrill Lynch says GPIF changes could start impacting in August
- China People’s Daily: China growth to slow to ‘medium-high speed’
- AIG Performance of Services index for July: 49.3 (prior was 47.6)
- ANZ Roy Morgan weekly Consumer Sentiment for the week ended August 3: 115.0 (vs. prior 116.2)
- U.K. labor market is less healthy than the Bank of England believes
- Moody’s: Australian banking system outlook remains stable on continued economic growth
- Unnamed sources say Bank of Japan (BOJ) concerned about weak export and output data
- Australia – Trade balance for June: -1.683bn (vs. expected -2bn)
- Japan Markit/JMMA Services PMI for July: 50.4 (prior was 49.0)
- China data: HSBC/Markit Services PMI for July: 50.0 (prior was 53.1)
- FX not so tasty? Just add some seasoning! (OK … here are the three seasonal patterns for August.)
Cable was a (relative) performer in the Asian timezone today. there wasn’t anything in the way of news to act as a catalyst, it just continued its grind a little higher from the overnight move. Not that the move was huge, just a slight grind higher above NY highs.
EUR, CHF, CAD were all very quiet.
USD/JPY eked out a few points gain to briefly above 102.60; EUR/JPY a tiny bit higher too above 137.70 for a few moments. Again, no real catalysts (well, no real move, either).
AUD and NZD were a little more active. Both looked bid in the early going, and indeed the AUD popped above its overnight high toward 0.9340 (not quite making it). I had earlier said it looked a bit bid so it then proceeded to rub my nose in it, dropping away to 0.9325 and then even lower after the Chinese services/composite PMI (a poorly performance … the services PMI to its lowest since the survey began in 2005).
AUD did finally find a bit of stability ahead of 0.9315 and sits above 20 as I type. NZD/USD followed a similar sort of pattern but in a tighter range.
Gold and oil mainly a flat session too.
- Reminder – the RBA announce the result of their August meeting at 0430GMT (preview here)
- And also, attention NZD traders, there is a Global Dairy Trade auction scheduled for 1200GMT.
