Forex news for Asia trading Friday 23 January 2015
- Saudi press agency: Saudi King Abdullah has died
- Oil continues to gain
- Saudi King Abdullah has died – succession, stability questions
- Saudi King’s death … what it means for stability and oil … more
- Wall Street Journal: “Death of King Unlikely to Alter Saudi Oil Policy”
- ECB QE … What does it mean for the euro? View from 10 investment banks
- Credit Suisse expect another Bank of Canada rate cut before the end of 2015
- China – HSBC/Markit Flash Manufacturing PMI for January: 49.8 (expected 49.5)
- Japan Markit/JMMA Manufacturing Flash PMI for January: 52.1 (vs. prior was 52.0)
- The ECB just changed the ball game for other central banks
- Bank of Japan Deputy Governor Kikuo Iwata speaking now – full text link
- From the comments: “FXCM is going after clients with negative balances”
- Regulator issues a warning on market manipulation
- US senator: Working on legislation to prevent currency manipulation
- Nikkei: Japan government to raise cap for bond issuance
- New England Patriots quarterback Tom Brady comments on ECB QE
- Ex-FX dealer to launch hedge fund in April
- It ain’t over til its over
- ECB’s Nowotny says he personally would have waited before launching QE
- China Securities Journal: People’s Bank of China may ease liquidity further if Jan data weak
After the European Central Bank big bang QE decision overnight the world’s most heavily traded currency pair, EUR/USD, had a … well … much quieter day than it did in Europe and the Americas. Just after 4pm New York time EUR/USD tipped a low before rebounding 50 points and then settling into a range that narrowed as the Asian session progressed. UPDATE – After I posted its finally found a bit of gumption, trading to a fresh low below 1.1320. No new news to push it down.
AUD was active in late NY/early Asia trade, tripping stops loss sell orders just below 0.8 but bouncing after to trade (briefly) above 0.8050 before settling around 0.8025 for much of the session. The China flash PMI today was further confirmation of difficulties in China and the AUD/USD never managed to look bid after the data release. As I write this up its back below 0.8, a weak local close going into a long weekend in Australia. NZD/USD traced out a similar sort of pattern but is above its earlier lows (if only just).
USD/JPY continued its strength in the Tokyo morning but topped out (for now, at least) around 118.80 before giving back 50-odd points.
Oil was higher on the Saudi news, although the moves were not large. It tracked pretty much sideways after the bounce. Gold drifted a little lower during the session.
