Forex news for Asia trading Monday 26 January 2015
Greece election
- Greek Syriza party expects to form new government by Wednesday morning – party official
- Greek election … all over bar the counting
- Citi: ECB QE may limit a risk-off move from the Greek election
- Greek winner Tsipras: Troika era is over for Greece
- Greek Prime Minister Samaras congratulates Syriza leader Tsipras on winning
- Syriza majority on the razor’s edge
- Polls show Syriza lead growing, euro falls
- Exit polls have the opposition Syriza party with a strong lead in Greek election
- Europe, and the world, have their eyes on Greece as voting continues
EUR/USD – Elliot Wave analysis suggests first target reached says Goldman Sachs
- Goldman Sachs: Spotting themes in the FX market place…
- New Zealand Credit card spending, December: +4.5% y/y (prior +5.1%)
- JP Morgan says ECB QE is a “giant leap” … and that’s not all
- China – Yuan at its lowest since June of last year
- More on the Japanese trade data – Exports grow the fastest in a year
- China Securities Journal: Reserve-ratio or interest-rate cut may have a limited effect
- Bank of England Forbes: BoE need earlier rate rise
- Minutes from the Bank of Japan December 18/19 meeting
- Japan – December trade balance: Y -660.7bn (vs. expected is Y -735.2bn)
- New Zealand PM Key: Sees NZ dollar trading in a range in coming months
- FX market liquidity expected to be less than normal for Monday through to US time
- New Zealand services PMI for December: 56.5 (prior 54.7)
Alpari administrator: “inconsistencies in the pricing of trades” after Swiss announcement
- What’s on the central bank calendar this week
- Traders are scrambling to start over after the SNB nightmare
- Hilsenrath: Strong dollar has three consequences for Fed
- Sell EUR/USD rebounds – Morgan Stanley
- Bookmaker now has the Conservatives as favourites to win the UK Election in May
Weekend
- The best way to make $200K trading? Start with $100 million Bundesbank President Weidmann doubts European Central Bank quantitative easing (QE) is going to work
- Parliament approves Swiss franc exchange rate to be capped for a year
- Fighting in Ukraine spreads to the strategic port city of Mariupol … deadliest attack yet
- ECB executive board member Coeure: “Nothing we can do as the ECB to lift growth in a lasting way”
- NFA lowers leverage for JPY, AUD (and other currencies). Is it because the JPY and AUD are pegged and out of balance?
- Ray Dalio says money under a mattress appealing
- Video: What’s next for the euro
- Obama makes it abundantly clear who his biggest ally in the Middle East
- BOJ’s Kuroda says economy likely to grow 2% in FY2015
- It’s a central bank trifecta from Davos
- ECB’s Visco says the ‘D’ word
- Canadian mortgage brokers say lower rates a matter of time
- ECB’s Mersch says German misgivings over QE are all considered in the small print
- New king set to continue Saudi oil policy but what is to become of the minister?
Early trading in New Zealand this Monday morning opened with a slide for the euro, AUD, CAD and NZD.
EUR/USD eventually tested just below 1.11 before rallying back strongly to cover a big figure; it then lost steam and settled back a little lower.
It was a market holiday in Australia today, which exacerbated the already thin start of the week liquidity and contributed to the outsize reactions to weekend news including the Greek election result (see bullets, above).
In early trade:
- Japan’s Nikkei 225 fell 0.6% in morning trade
- HK’s Hang Seng Index fell 0.1%
- Shanghai Composite down 0.4%
- 30-year US Treasury yield fell further, down 3 basis points to 2.34%
- ES S&P 500 futures fell
Shnaghai is subsequently up a little, though, and the Nikkei is weaker still. Australia and India are closed for holidays today.
USD/JPY traded lower in the Tokyo morning but found buyers ahead of 117.25 and put in a solid bounce of 50+ points. It has since settled toward the middle of the session’s range. The soft EUR/USD and USD/JPY, and the both with good size bounces saw EUR/JPY with a near 200 point range from Friday’s closing levels.
