Forex news for Asia trading Monday 27 October 2014
- Goldman Sachs technical analysis chart: Oil – ‘still in a downtrend’
- China – factory shutdowns ordered during APEC
- China’s automobile manufacturing industry head – expects growth to halve this year
- Russian government approves law to clamp down on offshore tax sheltering
- Yomiuri poll shows support for Japan PM Abe’s government slumped
- Bundesbank’s Dombret says no bank to ECB review lightly
- Bank of England’s McCafferty says increasing interest rates now would help the BOE raise only gradually
- Next Japanese sale tax hike should be pushed back to April 2017 says senior official
- EBA and ECB European bank test and AQR results: 25 fail ECB tests 24 fail EBA test
- ECB’s Constancio says bank review results are credible
- Profit warnings for UK-listed firms at highest level since 2008
- 5 things you need to know about the ECB stress test before markets open
- Now we start poking holes in the ECB stress test results
- Nikkei poll shows Japan government cabinet support below 50%
- Rousseff announced as Brazil election winner
- FOMC – There is every reason to believe “next year’s rate increase won’t materialize”
- Japan Services Producer Price Index for September: 3.5% y/y (vs. expected +3.5%)
- Goldman Sachs preview of the Federal Reserve FOMC meeting
- China Financial News: Overall monetary policy easing is not an option
The big weekend news were the stress test results (see bullets, above).
EUR went on a slow grind higher during the opening session of the week on the back of the results not being as bad as feared. EUR/USd popped above 1.2700 and has sustained there (as of writing), but not accelerated away.
EUR/JPY performed well on the session, too, initially with a weaker yen on the opening (which soon reversed … USD/JPY easily back below Friday closing levels in the USA) and then on EUR strength.
Cable edged a little better during the session, but not a great amount of gain at all.
EUR/CHF edged a little better during the session. It is rarely a wild ride, and it wasn’t today … but it did gain a few tics.
AUD/USD picked up a few tics on the session, too, again running into sellers around 0.8820 and above. It was a holiday in New Zealand markets today, but that didn’t hold back the bird, it flapped its way to a 30-off point gain from session lows.
Oil and gold didn’t do much.
We now await the Europe and UK session (hey, welcome to winter time, ladies and gentlemen) … Coming up in Germany Monday morning – IFO business survey will be closely watched
