Forex news for Asia trading Friday 9 January 2015
- Bank of Japan to stretch inflation truth at next meeting?
- Barclays, Commerzbank on “Why OPEC is talking oil down, not up, after 48% selloff “ More from BNZ on the New Zealand dollar …. where their model suggests ‘fair value’ is
- UBS outlook for the gold price – support, resistance levels
- China December CPI: +1.5% y/y (vs. +1.5% expected)
- Japan economy minister Amari: Falling oil price positive for Japan economy
- Australian PM Abbott: No change to goods and services tax before election
- Federal Reserve Kocherlakota: Fed should not raise rates this year and More commentary from Federal Reserve’s Kocherlakota
- Australia – Retail Sales for November: +0.1% m/m (expected +0.2%)
- Will Draghi encourage euro capitulation?
- Japan election on Sunday could give insight into the prospects for Abe’s third arrow reforms
- JPMorgan see more rate hikes from the RBNZ in 2015
- Australia – 19% of businesses consider slow growth in demand for their products as biggest barrier to growth
- AIG Performance of Construction index for December: 44.4 (prior was 45.4)
- New Zealand November Building consents (permits): +10.0% m/m (prior was +8.8%)
AUD/USD and NZD/USD were climbers today, but other currencies gained some too as the US dollar weakened pretty much across the board in Asia.
USD/JPY was notably soft, backing well away from 119.85 highs.
The comments from the Federal Reserve’s Kocherlakota (if he was an Aussie we’d affectionately call him Kochie, trust me on this) were cited as a reason for the US dollar sell off. Maybe they were, maybe not.
As mentioned, AUD and NZD were good performers, too. AUD ticked steadily higher after a miss on the retail sales data (see bullets, above). China’s still low inflation (CPI, while the PPI was negative again) also in the mix today.
Oil was pretty much sideways during the session, but net a gainer; gold a little better bid.
Still to come …
