Forex news for Asia trading Thursday 23 October 2014
- New Zealand inflation data: CPI for Q3 +0.3% q/q (vs. +0.5% q/q expected), prompting ANZ (and others) to say the next rate hike from the RBNZ is not until December 2015
- RBNZ’s Wheeler: FX rate rises in Asia have generated difficult headwinds
- Canada – Senate banking committee cancels Poloz hearing tomorrow
- RBA Stevens: We’re keeping close eye on the build up of credit to housing investors
- Australia – “Not yet decided on … action … to deal with risks in the housing market”
- Nikkei: Japan’s ruling party gearing up for rancorous tax debate
- Man reportedly taken into custody after jumping White House fence – dogs “got him”
- Japan Buying Foreign Bonds + the rest of this data
- Australian NAB Business Confidence for Q3: 6
- Japan – Flash Markit/JMMA Manufacturing PMI for October: 52.8 (expected 51.7)
- China – HSBC Flash Manufacturing PMI for October: 50.4 (expected is 50.2)
The NZD was a big mover today, down nearly 100 points at one stage during the session. It was weak, running along its US lows ahead of the Q3 inflation data release; and upon publication of the data it dropped below 0.7880. It traded sideways for around an hour, with little in way of bounce before grinding its way lower again, eventually finding some sort of bounce ahead of 0.7825.
AUD/USD was weak along with the kiwi, but not nearly to the same extent (AUD/NZD higher on the session), and it tracked a 0.8750/0.8770 (give or take a point or so) sideways range over the China PMI release.
Oil ran along the bottom end of its US range for the Asian session today, gold was a touch better bid, but we’re talking a small range for it.
EUR, GBP, CHF all more or less sideways in small ranges, but nevertheless some activity. EUR/USD finding buyers ahead of 1.2630 but heavy on the session overall.
USD/JPY and EUR/JPY crept a few points higher.
There was little in the way of fresh news out of Canada, USD/CAD traded to 1.1260 and then gave just a little back as I write.
