Forex trading headlines for Asia Monday 8 September 2014
The big weekend news for the Forex market was …
- UK’s Osborne wakes up to the reality of a Scottish “Yes” vote
- Monday morning Forex prices, early indications
- MONDAY – British Pound off heavily in the early going after weekend Scottish poll result
- GBP – Scotland independence referendum: ‘Yes’ case leads in new opinion poll for the first time
- GBP/USD gapped lower in early NZ interbank – chart updated early Monday trading
- ISIS targeting Scot in bid to force ‘Yes’ vote in Scotland independence, break up the UK
Other weekend news:
- RBI Governor Rajan … world is “setting the stage for a repeat” of Asian financial crisis of the late 90s
- Greek Prime Minister Antonis Samaras announces tax cuts
- Federal Reserve Bank of Philadelphia President Charles Plosser: “I would prefer that we start to raise rates sooner rather than later”
- Russia ‘will react’ if EU implements new sanctions: Foreign Ministry
- Presidents of Ukraine, Russia say ceasefire holding fairly well … then … artillery fire heard
- Fresh shelling near Donetsk questions validity of Ukrainian ceasefire
- The time is now for a big turning point in the US recovery
- Weekend: ECB’s Visco says must be ready to do more for price stability
- Politician attacks ECB’s Draghi … what else is new?
- Australia weekend press – Pre-eminent economist warns “whole economy” needs lower interest rates
- Four NATO allies deny Ukraine statement on deal providing weapons and military advisers
Monday news:
- New Zealand Q2 Manufacturing activity volume q/q: -0.7% (prior was +0.5%)
- ANZ analyst: New Zealand Q2 manufacturing “considerably weaker”
- Japan data: BoP Current Account Balance for July: ¥ 416.7Bn (vs. expected ¥ 444.2B)
- Japan – GDP (seasonally adjusted) for Q2, final: -1.8% q/q (vs. expected -1.8%)
- Japan GDP … economy contracted an annualized 7.1% in Q2, instead of 6.8% as previously estimated
- Australia ANZ job advertisements data for August: +1.5% m/m (prior was +0.5)
- Australia- More on ANZ job advertisement series …. “appear to jar with the surprise jump in July’s unemployment rate”
- China August trade balance: $49.83bn (vs. $40.00bn expected)
- China August trade balance data … more …
More:
- Technical Analysis: EURUSD opens little changed from Friday. What are the levels to eye in trading this week
- The Trading Week Ahead: Key Fundamental Releases and Events
- Technical Analysis: GBPUSD gaps lower after weekend Scotland polls
The big news was the surge in the ‘Yes’ result in a poll conducted by an English newspaper over the weekend re the Scottish vote for independence (the referendum is to be voted on for real on September 18) – see the topmost items in the bulleted list above. Cable opened interbank trading in New Zealand this morning more than 100 points lower and fell further from there, before finding support just ahead of 1.6165 (see this post for a chart of early New Zealand trading before most platforms are open: GBP/USD gapped lower in early NZ interbank – chart updated early Monday trading). After bouncing from here it revisited and then traded a little higher in a more sustained fashion, stabilising around 1.6220/25 (its just below there as I type). there are unfilled sellers on bounces now going into Europe/UK trading,
Elsewhere there isn’t a lot to report in the way of movement. GBP crosses were all lower on the back of the big gap down in cable … of course; EUR, CHF, CAD … all just a few points lower against the USD though over the course of the session.
NZD/USD fell on the open, testing down towards 0.8300 but finding buyers ahead of there and gaining 20-odd points before then stabilising somewhat around 0.8320.
AUD/USD followed a similar sort of pattern, a little lower on the opening, finding buyers just ahead of 0.9360, which held it, but only up to just above 0.9370 before stabilising. Economic data from Australia and China having little impact on it today.
EUR/JPY and USD/JPY gained a few points during the early part of the session, but as Tokyo dealers entered offices they both drifted back to (and, for EUR/JPY, just below) early opening levels.
Gold found buyers from 1266, gaining a few dollars while oil was off 25-odd cents from late Friday levels.
