Forex news for Asia trading Friday 4 August 2017
- The latest Newsweek cover is brutal on Trump: "Lazy Boy"
- Big US data Friday coming up NFP, trade balance - previews
- Australia retail sales data- analyst response
- Former BOJ Kiuchi: BOJ cannot continue to purchase JGBs forever
- Heads up for Trump's planned China speech on Friday - may be cancelled
- RBA says further rise in AUD would lower economic growth, inflation
- Australia data - Retail sales for June: +0.3% m/m (expected +0.2% m/m)
- WSJ: Toyota, Mazda to Build $1.6 Billion Plant in U.S. in Joint Venture
- PBOC sets USD/CNY mid-point today at 6.7132 (vs. yesterday at 6.7211)
- If the bounce in USD/CAD falls flat, it could mean a world of hurt
- Trump's WV rally has concluded - no big announcements to impact FX
- Japan Labor Cash earnings (June): -0.4% y/y (expected +0.5%)
- Reuters with more on PBOC could widen yuan band
- Goldman Sachs on the Bank of England & Haldanes "dovish tilt"
- UBS on the nonfarm payroll report due Friday - forecast etc.
- Coming up at 0000GMT - Trump says he'll make a "very big announcement"
- HSBC change RBNZ call; and also say "NZD has rallied too far and too fast"
- ANZ on the AUD - "recent rally has pushed it above fundamental fair value"
- Barclays on the Bank of England MPC decision (& their doveometer)
- Its NFP day! Preview from Goldman Sachs
- ICYMI ForexLive Americas FX news wrap: USD/JPY dips to seven-week low
- (Overnight) RBA's Harper - AUD recent surge threatens to hit the economy hard
- Trade ideas thread - Friday 4 August 2017
- Grand Jury subpoenas have been issued in connection with Trump Jr. June 2016 meeting
- Economic data due from Asia today - RBA Statement
We saw some small movement here in Asia despite it being a pre-NFP session.
Japanese data kicked off the calendar with a dreadful miss for June wages data (previous months had been on the improve so there is that ... but today's result was a shocker). USD/JPY, as is often the case (mostly) had little impact response but it has managed to tick a few points off its session lows of under 110.
Eyes (and ears) were also on US President Trump addressing a rally in the US evening, but there was little notable and no financial-market related headlines.
Next on the data event timetable was Australian retail sales and the simultaneous release of the RBA's once-a-quarter Statement on Monetary Policy.
- RBA says further rise in AUD would lower economic growth, inflation
- Australia data - Retail sales for June: +0.3% m/m (expected +0.2% m/m)
AUD/USD had traded a few points to the better after the US close and then lost 20+ points going into the data/RBA. The range has stayed small but it has managed to eke out a fresh high for the session above 0.7970 (briefly ) since the data/RBA hit. AUD is generally up on its crosses also, AUD/NZD buyers have been active (NZD/USD is on it session lows - albeit a small range also - as I update.)
EUR/USD, little to say - its been in a 15 point range or so (if that?). USD/CHF, ditto on the session and even cable has flatlined after its busy UK session.
Gold has lost a few cents net - not much in it all either.
Still to come:
