43 minutes ago | July 10th, 2014 05:29:24 GMT

Data coming up in this session

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Good day everyone

Looks like the market has been as boring as last night’s Argentina/Netherlands game

Not a real lot of data to get things going today either but risk events include French CPI,UK trade balance and the BOE decision ( no change expected)

Whatever the outcomes I wish you a successful session

Times GMT+1 (UK time)

Economic Data (1) 10 July

Economic Data (1) 10 July

Economic Data (2) 10 July

Economic Data (2) 10 July

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1 hour ago | July 10th, 2014 05:00:48 GMT

Option expiries 10am NY cut

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  • USDJPY  101.35-45 101.65-75 101.85 102.00 102.30-35
  • EURUSD 1.3500 (EUR 500m) 1.3525-35 1.3615 (EUR 539m) 1.2620-30 (EUR 500m) 1.3650 (EUR 710m)
  • GBPUSD 1.7000 1.7070 1.7110
  • AUDUSD 0.9300 (AUD 600m) 0.9330 (AUD 0.9330) 0.9375-85 0.9400 0.9440
  • USDCAD  none
  • NZDUSD 0.8760
  • EURCHF 1.2205
  • EURGBP 0.8000

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1 hour ago | July 10th, 2014 04:47:09 GMT

PBOC’s Zhou says they will cut fx intervention “noticeably” when time is right

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  • China aims for reasonable, balanced exchange rate
  • global markets arent stable yet
  • global market turbulence means China needs caution
  • China can speed up reform if global markets stabilize
  • will move to interest rate liberalization
  • wants to have policy rates to guide market rates
  • PBOC preparing 2 or 3 policy tools for short and mid term rates
  • other central banks have similar tools
  • interest rate liberalization can be completed in 2 years but depends on external conditions

Peoples Bank of China governor out on BBG

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2 hours ago | July 10th, 2014 03:45:20 GMT

ForexLive Asia Wrap: AUD volatility on employment data and Chinese trade data

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Forex trading headlines for Asia Thursday 10 July 2014

The Australian dollar was a focus today in the session. It spent the early going finding support around 0.9410 and from there it edged higher as we approached the release of the June employment report. These reports are notoriously volatile and can produce FX volatility in their wake … and today didn’t’ disappoint. The data itself was a mixed bag. Westpac said of it, for example, that if you look you can find something in the June Labour Force Survey to fit any current view on the Australian economy. The AUD initially jumped to hit 0.9457 but then got sold down rapidly to 0.9410/15. Chinese trade data was next, 30 minutes later, and on this clearly disappointing result the AUD fell again; it headed briefly, and only by a few tics, below 0.9400, bounced a measly 10-odd points and then fell back below the figure (barely) as I type.

The Kiwi $ had a much smaller range, popping above overnight highs (by a few tics only) before giving back 15 or so points.

The yen strengthened a small amount, dropping about 10 points against the USD (maybe 15) and lying on the floor there. EUR/JPY was similar, but a tiny bit of a move higher in EUR/USD (when I say tiny, we’re talking less than 10 pips) kept it from looking too awful (it only appears to have one foot in the grave as I type).

Cable popped fleetingly toward 1.7165 and then drifted 15 points back down.

USD/CAD was basically sideways, swissy too.

Gold added a few bucks, oil continued its overnight drift off a little more.

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3 hours ago | July 10th, 2014 02:56:08 GMT

More on China trade data: “We think China could miss its target for trade growth this year… “

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The trade data is here: China trade balance for June: +$31.60 bn (vs. expected +$36.95bn)

Via Reuters comes this from Li Huiyong, an economist at Shenyin & Wanguo Securities in Shanghai:

  • Said exports should support China’s growth in the second half of the year, even if Beijing may miss its 2014 trade growth target
  • “We think China could miss its target for trade growth this year of 7.5 percent
  • We expect combined exports and imports to rise 5 percent in 2014 from a year ago
  • The recovery in exports will help the recovery of China’s economy in the second half of this year. At least, we think exports will not be a drag on the broad economy”

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After selling off in the wake of the employment data from Australia and the trade data from China the AUD has picked itself up off the floor. Barely. More sellers await now around 0.9410/15 and through to 20 though.

 

 

 

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3 hours ago | July 10th, 2014 02:34:02 GMT

Bank of Korea cuts 2014 GDP forecast to 3.8% from 4.0%

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Some news from Korea today in the wake of them leaving interest rates unchanged earlier, Comments from head of the central banK:

  • Says downside risk to economy bigger than upside risk
  • 2014 GDP growth, inflation forecasts downgraded
  • Thursday’s rate decision was not unanimous
  • 2014 GDP growth forecast cut to 3.8 pct vs prev 4.0 pct
  • 2014 inflation forecast cut to 1.9 pct vs prev 2.1 pct
  • Growth forecasts downgrade mostly due to effect from ferry accident
  • Current policy interest rate at accommodative level
  • Negative output gap may have expanded

via Reuters

 

 

 

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