Forex trading headlines for Asia Monday 28 April 2014
- Japan – Retail sales for March: +11.0% y/y (vs. expected is +10.8%)
- China: Think tank forecasts GDP to rise about 7.4% y/y in Q2, the same as in Q1 – suggests RRR cut
- China – PBOC vice director says biggest risks lies with the property market and local government
- Japan finance minister Aso: Likely can’t avoid corporate tax cut to keep competitiveness
EUR/JPY and GBP/JPY fell in the Tokyo morning, but the moves were not large. EUR/USD came off 20-odd points from earlier highs while ht eimpact on the cable was a move of similar size. AUD/USD and NZD/USD escaped the sell-off, with the AUD gaining from its session lows before trading sideways. the NZD/USD was barely changed on the session.
USD/JPY lost ground on the cross selling, but again the range was small only. The Nikkei hit a two-week low in Tokyo today.
USD/CNY was set a little lower today by the PBOC. Iron ore futures in China lost nearly 5% today, and are limit down as I type; credit concerns (regulator said to be cracking down on financing) and rising inventory were cited for the falling price.
