Forex news for Asia trading Tuesday 21 October 2014
- New Zealand: 4670 permanent migrants in September
- Nikkei: Japan’s new economy minister could sway corporate tax debate
- Australia – ANZ Roy Morgan weekly Consumer Sentiment: 111.6 (prior was 113.8)
- China Business News: China may set a lower GDP growth target for 2015
- “China leadership is engineering slower growth”
- RBA minutes: Current monetary policy stance appropriate for fostering growth
- China Securities Journal calling on the People’s Bank of China to stop the yuan from appreciating
- China Q3 GDP: +7.3% y/y (expected +7.2%)
- China data – retail sales, industrial production, fixed asset investment
- New Zealand – Credit card spending data for September: +4.4% y/y (prior +4.2%)
- Preview: Australian Q3 CPI due Wednesday – plus the views from investment bank analysts
Some yen movement today despite a lack of news out of Japan. The Nikkei was down in morning trade (as of writing), while the USD/JPY drifted off from its early high around 107.00. EUR/JPY, too, weakened, down from around 136.90 (big sellers still prevalent at 137.00 and thereabouts.
EUR/USD, though, was relatively subdued, finding some support from 1.2790 and gaining a little ground toward 1.2810. Cable tracked out a similar pattern, bids ahead of 1.6150 and then tracking to 1.6170. Again, an absence of news.
AUD and Kiwi were a little more active. The AUD lost some ground in the time leading up to the Chinese GDP data release but jumped above 0.8800 on the ever so slight beat in expectations of this data (see bullets, above). AUD/USD stabilised around 0.800 and is just above there as I post this wrap up.
Oil and gold were both mainly flat on the session.
And, finally, a reminder for AUD traders going into the Europe/UK timezone, Speech still to come from the RBA today