Forex news for Asia trading Monday 24 November 2014
Weekend:
- China ready to cut interest rates again – RTRS
- Chinese Premier Li Keqiang: “Gentlemen, start your engines …”
- Italy is happy with its budget, and expects the EU will be, too
- Russia does not plan to cut oil production to influence prices – Energy Minister Novak
- ECB’s Constanzio – Europe not at risk of sliding into “full deflation” but inflation rate is dangerously low
- Putin says Western sanctions, oil price and rouble fall will not cause “catastrophic consequences”
- Dallas Fed President Fisher softens hawkish tone
- Earthquake injures at least 39 in central Japan
- How would a Chinese rate cutting cycle affect the Australian dollar?
Monday
- Nikkei poll: Voters cool to Abenomics but still back ruling party
- SNB’s Jordan – repeated his opposition to gold vote, says could hamper SNB intervention effort
- “Loan ‘Guarantee Chains’ in China Prove Flimsy”
- BHP Billiton to cut capital spending by up to $US13b
- China Securities Times: China researcher suggests interest rate cut next year
- EU Hopes New Fund Will Spark at Least €300 Billion in New Investments
- Japanese election December 14 – but these are the important dates to watch in the lead up
A Japanese public and market holiday today meant reduced liquidity during the Asian session, but the effect was negligible as it was a subdued sort of day.
The USD opened a little stronger in the early New Zealand interbank, with EUR, GBP and CHF all a little lower. AUD and NZD, though, managed to remain better bid against the USD.
Retracements followed, though, for the European currencies, recovering much of their early NZ losses in a tight range on the day. EUR/CHF was net a little stronger on the session.
Aussie and Kiwi drifted a few points higher through to early afternoon and settled a few points lower after encountering resistance 9at the figure for the aussie and just above for the Kiwi.
USD/JPY tested toward 118 a couple of times, finding resistance, wile support came in ahead of 117.50.
We await the Europe/UK markets to really get the week underway, with some important German data …. coming up soon … Preview – German IFO data a focal point in early Europe today
