Forex news for Asia trading Thursday 11 December 2014
- RBNZ leaves rates at 3.50%, boosts growth forecasts
- Comments from RBNZ’s Wheeler at news conference
- Westpac analyst comments on RBNZ
- Is the RBNZ contradicting itself? (I think not, but I see where the confusion might be)
- RBNZ’s Wheeler: Says he is concerned about house-price inflation in Auckland
- BOC Poloz: Canada dollar a ‘petrocurrency’ in its behaviour
- Japan data – Tertiary Industry index & Machinery orders
- Australia – Consumer Inflationary Expectations for December: 3.4%
- UK – RICS House Price Balance for November: +13% (expected 15%)
- Australian November Employment Change: 42.7K (vs. expected +15.0K) (ps. not as good as this headline would suggest)
- Australian employment report – analyst reactions
- UBS changes its RBA view … to on hold for all of 2015
- Australian economy … “Conditions strengthen: orders and output lift Expectations positive following mid-year dip “
- Goldman Sachs on the continuing drop in oil – positive for consumer
- Gold: “Elliott Wave Charts point to shocking countertrend for gold”
The weakness in the US dollar that was seen in the overnight continued on in Asia today, with EUR, GBP and CHF all accelerating their gains before turning around again and settling within close range of opening levels.
USD/JPY, though, was also volatile, steadily dropping to fresh lows from the overnight before a solid bounce back too. There was little in the way of fresh news to drive the dollar moves …. not that the market needs it at present.
AUD generally followed the same sort of script, but it did have an employment report to contend with. It fell briefly on the employment data announcement but was higher again within seconds, jumping around 40 points from those lows and then edging even a little higher in the minutes following. The employment report was a very mixed bag … on balance it’s a positive indication for an economy that’s struggling along, but its hardly conclusive. The AUD then lost ground as the other currencies too gave gains back, but it is a little higher than where it opened this morning in early Sydney.
The NZD/USD jumped in late US trade on the more upbeat growth forecasts from the RBNZ and their ongoing hawkish bias. it continued to gain as other currencies did and turned around somewhat with them, too …. but its hugely higher from where it was pre-RBNZ announcement.
Still to come:
