Forex news for Asia trading Tuesday 8 August 2017
- ANZ Bank out with their latest inflation gauge for New Zealand
- Former BOJ Iwata: BOJ should slow JGB purchases to 40tln yen
- Chatter around China widening yuan trading band continues - date speculation
- RBNZ this week could see it "ramp up its currency warning"
- USD terms now: China trade balance: $ 46.7bn (vs. expected $45.0bn)
- Federal Reserve to no longer release its labor market conditions index
- China trade balance for July: CNY 321.2 bn (expected CNY293.55 bn)
- USD sliding in Asia nearly across the board
- Australia - NAB July business conditions: 15 (prior 15) & confidence 12 (prior 9)
- Goldman Sachs on the data coming up from China (trade balance, CPI)
- PBOC sets USD/CNY mid-point today at 6.7184 (vs. yesterday at 6.7228)
- HSBC on China reserves
- The once a year Australian data showing exporter confidence highest since 2011
- China debt crackdown - no wobbles yet
- Japan BoP Current Account Balance for June: ¥ 934.6bn (expected ¥ 860.5B)
- Australian consumer confidence for the week: 113.7 (prior 118.4)
- Japan: Barclays on Abe's falling approval - a risk for monetary, fiscal policy
- More UK data - Recruiters blame Brexit vote for worsening worker shortage
- UK data - BRC July like-for-like sales +0.9% y/y (expected +0.9%)
- RBNZ meet this week - the 'shadow board' recommends leaving OCR on hold
- Australian trade minister says higher AUD making exports less competitive
- Here are 7 FX views - all in one tweet! (Or one blog post, I guess)
- Barclays trade for the week - they like long AUD/NZD (here's why)
- Morgan Stanley's bullish euro forecast (say the ECB will have to tolerate strength)
- EUR/USD technical analysis - looking for retracement - support & resistance levels
- ICYMI: Forexlive Americas FX news wrap: Pres Trump goes on vacation (working vacation) and the markets die
- China trade data for July due today - previews
- Trade ideas thread - Tuesday 8 August 2017
- Add this to the economic calendar due in Asia today - China trade data for July
- Australian data to watch today - NAB Business Survey (July) - previews
- Economic data due from Asia today
The focus today was on the Australian business conditions and confidence data and then China's trade balance results. We also got Japanese trade/investment data (June).
The Australian data was first, coming in strong (again) for this business survey. More details in the bullets above. The Australian dollar had been moving a little higher in the morning ahead of the release and it subsequently popped a little more. The range for the session was not large, though, 30 odd points or so only.
The AUD pop helped NZD/USD a little higher also, but continued AUD/NZD buying saw NZD/USD slip back towards its session low while the pullback in AUD/USD has not been as great.
The Chinese trade data showed a fall in trade in July, although the surplus was higher both exports and imports missed on expectations. In other China developments:
- The Chinese yuan gained onshore today against the USD.
- The PBOC refrained from adding (net) liquidity for a 7th day.
- The HKD fell to its lowest since January of 2016.
Elsewhere had some minor movement.
USD/JPY fell from above 110.75 to circa 110.60 - yes a small range. But small ranges were the story of the session.
The USD generally slid a little, EUR/USD popped towards 1.1820 with a steady grind higher at first and then quickly above 1.1810. USD/CHF has done very little, its net barely changed. Cable has fared better, GBP/USD up 25 odd points on the day so far (at its high). CAD also gained a few points against the USD.
Apart from the data I've mentioned there was little to impact.
Regional equities:
- Nikkei -0.32%
- Shanghai -0.20%
- HK +0.09%
- ASX -0.79%
