Forex news for Asia trading Thursday 27 November 2014
- New Zealand October Trade balance: -908m (expected is -642m)
- Swiss gold vote this weekend – Citi says a ‘yes’ makes no sense
- Australia – HIA new home sales +3.0% m/m (prior was flat at 0.0%)
- Australia capex data here, and “Australia is managing the exit from the mining boom in a more balanced way”
- China October industrial profits down 2.1 pct y/y (prior was +0.4%)
- No intervention – New Zealand – RBNZ sold net NZ$1m in October
- People’s Bank of China (PBOC)’s Hu: Prudent monetary policy unchanged
- Monetary Authority of Singapore … will take more steps if needed
- PBOC loosens monetary policy further today
Market movement kicked off today with the Australian Q3 capex data (see bullets, above) sending the AUD 25 points higher, where it consolidated and the gained further as the day progressed. it was given a further lift, along with the NZD, with RBNZ data released showing they didn’t intervene to sell the kiwi in October. AUD and NZD each gained 50 or so points from session lows and are on their highs as I type.
EUR and GBP were quietly range-bound.
The yen strengthened, with USD/JPY triggering through few stop loss sell orders sub-117.45, taking yen crosses lower with it AUD/JP and NZD/JPY having good day’s, though)
Oil continued its decline in Asia today, below $73 (as of writing), while gold is getting a bit of a knock lower also.
The CAD lost ground during the session.
