Forex news for Asia trading Wednesday 10 April 2019
- RBA's Debelle: Jobs market surprisingly strong, leading indicators solid
- EUR/CHF technical analysis view - 'Correction higher gaining traction'
- AUD sliding to session lows … ahead of Debelle (the dove?)
- Bloomberg on why the IPO on 'Uber could suck wind out of S&P 500 sails'
- Westpac on the RBA (WPAC maintain expectation of a rate cut in August 2019)
- Japan spokesman says wreckage found of F-35 stealth jet, but not pilot
- PBOC sets USD/ CNY reference rate for today at 6.7110 (vs. yesterday at 6.7142)
- There is a Russia, China, Japan, US race on in the Pacific today to find a downed F-35 stealth fighter
- BOJ Governor Kuroda says the 2% inflation target assists in long-run currency stability
- Australia Monthly consumer confidence: +1.9% m/m (prior -4.8%)
- Japan Core Machinery Orders (February): 1.8% m/m
- Japan PPI for March: 1.3% y/y (expected 1.0%)
- ECB preview: European Central Bank meeting Wednesday, likely more dovish
- Fed's Vice Chair Clarida: US economy is at, or close to, the Fed's inflation, jobs goals
- Credit Agricole bullish EUR/CHF, forecasting higher to year end and beyond
- Comments from Fed's Quarles - Fed is data driven, White House comments do not factor in
- Yen traders - heads up for potential North Korea headlines today
- China official expects railway construction boom in 2019 (may be talking his book)
- Brexit - UK's Hammond suggests revoking Article 50 to prevent no deal sinking the GBP
- Trade ideas thread - Wednesday 10 April 2019
- More on the talk of a 30 March 2020 Brexit extension
- Mnuchin says has call scheduled with China for trade talks Tuesday evening (US time)
- Private oil data shows larger than expected build in crude oil inventory
It was a sell the rumour (of a dovish Debelle) and buy the fact session for the AUD. Ahead of RBA Deputy Governor GuyDebelle's speech today the Australian dollar lost ground, lower by about 20 points from its earlier high. A bit of chatter about that Debelle would be very dovish. Well, he wasn't. He was not hawkish but his comments were pretty much in line with what we have been getting from the RBA. The AUD popped back to pierce its earlier high (only by a few tics, as I update at least).
News and data flow did not move the forex around too much otherwise. We got data from Japan, with Core machinery orders falling y/y for a second consecutive month in February. USD/JPY played out the session in a small range low, from just under 111.10 to just above 111.20. BOJ Governor Kuroda spoke in parliament and he has a speech scheduled later today, at 0615GMT.
EUR/USD had a small range also, from just above 1.1265 it has lost around 10 points for the session. USD/CHF has traded higher by a similar magnitude. Cable is barely changed on the session as we await the decision on an extension date from the EU at Wednesday's leaders' summit.
Gold lost some ground. Following the overnight pressure on equity markets ffrom the IMF growth downgrade and EU-US trade tensions regional stock markets were mainly a touch weaker.
Still to come:
