Forex news for Asia trading Friday 16 January 2015
“No Swiss franc cap for you!”
The fallout from the SNB decision continued in Asia today
- More on FXCM warning it may be in breach of capital requirements in wake of CHF volatility
- These people are going to be paying for the SNB’s turnaround for years, and years, and years
- Did this guy warn of the Swiss National Bank move 4 days ago?
- SNB Bombshell: The Aftermath – Thoughts From 15 Major Banks
- FXCM warns it may be in breach of capital requirements in wake of CHF volatility
- EUR/CHF – Saxo Bank says will revisit Swiss franc trades, clients may suffer
But, in other news:
- here’s the full text of the Greek emergency liquidity article that was pulled off the Katherimini website
- Greece latest: Two Greek systemic banks reportedly submitted requests for emergency liquidity assistance – PART 2
- Greece latest: Two Greek systemic banks reportedly submitted requests for emergency liquidity assistance
- More soothing words from Greece: “no red alert that money is fleeing abroad”
- China Eco Info Daily: China must keep growth pace to fend fiscal risks
- Japan – November Tertiary Industry index: +0.2% m/m (expected +0.2%)
- ECB’s Coeure: Weaker-than-expected growth requires a response
- Is Yellen putting an end to the ‘Fed put’?
- PBOC increases relending quota by 50bn yuan
- PBOC official says property market won’t see a “big collapse”
- UBS revises call – now see RBNZ leaving rates on hold until December
- This is the definition of moral hazard at an FX broker
It was pretty much all about the Swiss national Bank in the Asian timezone today.
Asia-Pacific currencies and bonds rallied
- Australia’s 10-year bond yield fell below 2.5% … to its lowest ever and … get this … below the cash rate.
- Meanwhile, in New Zealand, the 10-year yield fell 10bps to the lowest in 18 months.
The AUD/USD and NZD/USD both gained, the Aussie up more than 60 points from its session lows at one stage, while the kiwi was up a similar amount.
Equities across the region, though …. not so good. As of writing …:
- Japan’s Nikkei 225 fell 3%
- Australia S&P/ASX 200 down 1.1% (despite gold mining stocks jumping more than 6%)
- Hong Kong’s Hang Seng down 0.5%
- South Korea’s Kospi Composite down 1.3%
USD/JPY was volatile, dropping in the early going well below 116 but staging a comeback to tip 116.50 before retesting its lows. its mid range as I type now. EUR/JPY traded to a 3-month low in the early going bfore barely recovering.
EUR/USD and GBP/USD are barely changed on the session, up just a few points.
The CHF … yikes – it was wild … USD/CHF and EUR/CHF both traded in a more than 300 point range in the first hours I was in front of the ForexLive screens.
