Forex news for Asia trading Tuesday 13 January 2015
- Goldman Sachs has revised its forecast for EUR/USD (CNY and SGD also)
- Analyst comments on the China trade data
- China customs bureau says paying close attention to false trade activities
- Japan economy minister Amari: Falling oil prices not a bad thing for Japan’s economy
- China trade balance for December: $ 49.1bn (expected $49.0bn)
- JP Morgan see chance of Grexit as low – but impact on EUR/USD
- Goldman Sachs warns $2tln of investment at risk due to low oil price
- Saudi prince: $100-a-barrel oil ‘never’ again
- UK data – British Retail Consortium (BRC) December retail like-for-like sales: -0.4% (vs. expected %)
- Japan BoP Current Account Balance for November: ¥ 433.0B (expected ¥ 139.5B)
- What to expect from the RBA – survey of 20 bank economists
- MNI: Greek election may be factor in ECB QE Decision
- Australia – ANZ Roy Morgan weekly Consumer Sentiment: 112 (prior 111.7)
- New Zealand data – ANZ Truckometer for December: +2.1% m/m (prior was -2.8%)
Japanese markets reopened today after a long weekend. The Nikkei opened lower and spent the day heavy; Japanese bond yields fell, and the yen gained.
USD/JPY traded very heavily, triggering stop loss sellers below 118.25 and again below 118.00 before finally settling sideways below and then around 118. USD/JPY is recovering some of its losses as i post the wrap, back toward 118.25 as I write. EUR/JPY fell again, too, but recovered with a bid in EUR/USD helping it along before USD/JPY recovered a little. Cable found a bit of buying after early lows but settled more or less unchanged from where I walked in.
AUD/USD traded back to just under overnight lows in the late Sydney morning but staged a solid rally all the way back to nearly 0.8200. Chinese trade data (see bullets, above) didn’t do it any harm. The NZD/USD traded down a little in the early going too, but stayed well ahead of overnight lows before ticking back over 0.7800. It gave a little back to be more or less unchanged from where I first saw it this morning.
Oil lost more ground during the session, gold tested to 1239 and just slightly above (albeit briefly), its highest since October 2014.