Forex trading headlines for Asia Monday 29 September 2014
RBNZ intervention:
- RBNZ sold 521 million NZD in August
- Reserve Bank of New Zealand NZD intervention – more to come?
- RBNZ confirms New Zealand dollar intervention – Westpac response
- New Zealand PM Key: ‘Goldilocks’ level for NZ dollar around 65cents
Weekend:
- UK PM Cameron hints he would be prepared to recommend a No vote in EU referendum
- Fed hawk Richard Fisher: We risk falling behind the curve on inflation
- China data over the weekend – industrial profits down
Monday
- Italian PM Renzi interview – Italian GDP may contract as much as 0.3% in 2014
- Reuters: Italy PM Renzi attacks establishment resistance, vows to press on
- RBA to be called before Australian parliament committee on housing boom measures
- Hong Kong protests escalating
The big news today was from New Zealand, with data published by the RBNZ showing a net $521million of sales in August (more details at bullets, above).
The NZD had been heavy leading into the data release, and was even heavier once PM John Key nominated 65 cents as a ‘just right’ level for the currency in parliament. But ti was the RBZN publication of its FX transaction data from August then sent the kiwi tumbling over a big figure to the day’s lows, where it has found a little support (at least for now) just above 77 cents.
AUD/USD was heavy through the session also, and fell harder as the NZD fell, though not to the same extent, AUD/NZD climbing on the day.
EUR, yen, CHF were all subdeued. USD/CAD was a fraction higher on the session.
Cable opened heavily, but managed a retrace back to 1.6250 before drifting back toward 1.6225 as I type.
