Forex news for Asia trading Thursday 1 December 2016

  • Goldman Sachs on GBP - Structural Shorts Remain One Of The 'Most Actionable Themes'
  • China tightens gold import quotas
  • PBOC new guidelines on transferring yuan overseas
  • Riksbank's dep gov says will intervene if necessary
  • Australia press reports: S&P says commodity rally won't save AAA rating
  • PBOC mon pol committee member warns on the risks to China growth in 2017
  • China Caixin Manufacturing PMI (November): 50.9 (expected 51.0, prior 51.2)
  • BOJ's Sakurai: No change to BOJ's stance
  • Gold dropping
  • PBOC sets yuan reference rate for today at 6.8958 (vs. yesterday at 6.8865)
  • The Australian Q3 capex (further) slump - responses
  • China - Official manufacturing PMI (November): 51.7 (expected 51.0, prior 51.2)
  • China Services PMI (November): 54.7 (prior 54.0)
  • Australia - Q3 Capex (Private Capital Expenditure): -4.0% (expected -3.0%)
  • Japan - Nikkei Manufacturing PMI (November, final):51.3 (flash was 51.1 & prior was 51.4)
  • Japan - Capital spending for Q3: -1.3% y/y (expected -0.4%)
  • USD/JPY on the move - jump above 114.50
  • "Why forecasters failed to predict Trump’s victory"
  • S&P's Sheard says a Federal Reserve Dec. rate hike is certain
  • Australia - CoreLogic House Price Index (November): +0.2% (prior +0.5%)
  • China manufacturing PMIs due later (0100 & 0145GMT) - quickie previews
  • Australia - manufacturing PMI for November: 54.2 (prior 50.9)
  • New Zealand - Terms of trade index (Q3): -1.8% q/q (expected 0.0%)
  • Trade ideas thread - Thursday 1 December 2016
  • OIL - Goldman Sachs on OPEC announced output cut

Yen was the bigger mover again here today. USD/JPY popped through 114.50, then 60 , 70 and 80 in rapid time as Japanese futures opened in Singapore. Like yesterday's initial move, it was reversed first by retracement, some consolidation and then ... USD/JPY carried on to fall to new session low. We got data from Japan today (capex and PMI) but these were not drivers. Stop losses and other flows ruled the day.

EUR and CHF had only small movements, both are little changed on the day. GBP/USD has edged a little higher but is off its earlier top.

AUD and NZD are both slightly higher for the session. AUD has edged up despite another round of poor data (Q3 Capex missed estimates, both the headline the 4th estimate for 2016/17 - see bullets above for more detail).

Data also from China today, official PMIs and the private manufacturing PMI. All in expansion and indicating some economic stability, though the private survey was a touch weaker. More in bullets, but also a rundown via Bloomberg here: China Factory Gauge Matches Post-2012 High as Large Firms Lead.

Gold took a tumble, slicing off 5+ USD from the price. The Financial Times reports on gold import restrictions announced in China (again, see bullets above for more detail).

Oil edged up to approach overnight highs.

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