Forex trading headlines for Asia Tuesday 9 September 2014
- New Zealand – ANZ Truckometer for August: -1.2% m/m (prior was +2.5%)
- LATEST – Scottish independence: TNS poll finds 1% gap between yes (38%) and no (39%)
- New Zealand August Electronic Card Transactions: Retail +0.5% m/m (vs. +0.6% expected)
- UK Telegraph: US Predator drones being flown over Isil’s Syrian ‘capital’
- UK data – British Retail Consortium (BRC) August retail like-for-like sales: +1.3% (vs. expected +0.3%, prior was -0.3%)
- Australia – ANZ Roy Morgan weekly Consumer Sentiment: 113.3 (prior was 112.6)
- Securities Times: Chinese regulators should continue to use targeted measures to manage the economy
- Japan Money stock M2 and M3 data for August
- Japan – July Tertiary Industry index 0.0% m/m (vs.expected +0.2%)
- Minutes from Bank of Japan August 7 & 8 monetary policy board meeting released
- More on yesterday’s record China trade balance … Exports likely to increase again in September
- PBOC strengthens the yuan fix by 0.3%, most since November 2010
- Australia – value of investor loan approvals …eclipsing the peak during the 2002-03 boom
- National Australia Bank business confidence for August: 8 (vs. prior was 11)
- Japan finance minister Aso: No plan to submit extra stimulus budget in Autumn Diet
- Japan economy minister Amari: Appropriate FX level should be decided by market
- Japanese government adviser: Japan should consider extra budget to offset tax impact
Lots of news and views in Asia today but the continuation show for the USD was the main attraction.
The USD moved higher across the board. Now, given this is the Asian timezone it didn’t do so by too much relative to what can be expected in Europe and the US, but nevertheless it gained value.
USD/JPY climbed to near 6-year highs above 106.25 in fits and starts, EUR/JPY not keeping pace as the EUR/USD continued its drift lower, breaking overnight lows, losing around 30 points from earlier session highs.
A similar story for cable, dropping nearly 40 points from session highs to continue lower from overnight. The latest opinion poll on the upcoming Scottish referendum didn’t, though, seem to have too much of an impact, nothing like the sharp, big moves we saw on Monday.
Other major currencies suffered too, AUD, NZD, CHF and CAD (a new 3 month USD/CAD high today … just) all lower against the US dollar.
Gold lost a little ground from session highs (as I type) but didn’t get close to testing overnight lows. Oil drifted ever so slightly lower from early session highs, but again, no-where near overnight lows.
