Forex trading headlines for Asia Wednesday 13 August 2014
- The Kuroda Put … is there an ‘unwritten rule’ at the BOJ to buy the stockmarket if it falls?
- Bank of Japan publishes July 14-15 monetary policy meeting Minutes and more here
- Japan Q2 GDP (preliminary): -1.7% q/q (SA) (vs. -1.8% q/q expected)
- Australia – Westpac Consumer Confidence Index (s.a.) for August: +3.8% m/m (prior was +1.9%)
- Japan economy minister Amari: No change to government’s view on economy after GDP data and more here
- Euro most likely to depreciate says BoA/Merrill Lynch monthly survey of fund managers
- Australia – Q2 Wage Cost index: +0.6% q/q (vs. +0.7% expected)
- China data – new yuan loans, social financing and more
- Preview – Big day for the pound and euro as inflation rules the roost
EUR, GBP, CHF, CAD all did very little in the session today. Inflation reports coming up during the European session for Europe and the UK (see bullets, above, for preview).
Even the yen had a subdued session, USD/JPY and yen crosses confined to reasonably narrow ranges despite both the GDP data and the minutes of the July Bank of Japan (BOJ) meeting (see bullets, above, for both).
NZD lost a little ground, but not much in it.
AUD the biggest mover on the session. In the early going it drifted off about 15 points before finding some bids around 0.9265. AUD/USD and AUD/NZD buyers helped it trade back higher, through NY highs to then take out stops above 0.9280 against the USD before it gave back 10 pips and stabilized around 75/80.
Chinese equities fell after credit growth (new loans, aggregate financing) came in surprisingly weak. Aggregate financing grew at its slowest pace since October 2008.
