Forex trading headlines for Asia Wednesday 30 July 2014
- New Zealand June Building Consents/Permits: +3.5% m/m (vs. +1.0% expected)
- China Securities Journal says reform to accelerate in H2
- Japan Industrial Production for June (preliminary): -3.3% m/m (vs. -1.2% expected)
- New Zealand dollar – bank research note says Fonterra’s forecast milk payout could still change materially
- Japan official: Industrial production shipments falling … similar to last time Japan entered recession
- Moody’s: Property downturn effect on China economy is manageable
- Westpac MNI China consumer sentiment index for July: 114.8 (prior was 112.6)
- ECB’s Weidmann cheers German wage gains
- New Zealand finance minister English: Says NZD may be lower over the next economic cycle
- More on Japan to raise the minimum wage
- Morgan Stanley: “We think short EUR is the G10 trade for the next 12 months”
- Reserve Bank of New Zealand sold net NZ$2million in June
- Argentina official says talks to avert default adjourned Tuesday evening, but will continue tomorrow
The market was more or less content to wait out the day ahead of major US data/FOMC later. Narrow ranges prevailed right across the G10 currency rates.
Oil and gold showed little signs of life either.
But, if you have some time on your hands, check out the industrial production data from Japan (bullets, above). Very poor indeed. One official at METI saying the fall for 5 consecutive months is “similar to last time Japan entered recession”.