Forex news for Asia trading Thursday 10 December 2015

  • Australian November jobs reports blockbuster - still more analyst responses
  • Australian November jobs reports blockbuster - more analyst responses
  • SNB meeting preview from 4 banks
  • Australian November jobs reports blockbuster - analyst responses
  • FOMC December hike: Options market could provoke a wave of selling pressure in equities
  • China SAFE: Targeted measures have helped limit capital outflows
  • BoA/ML: Australia GDP to accelerate, RBA should "gradually consider" rate hike
  • NZ data from REINZ: November median house sales +8.5% y/y
  • People’s Bank of China (PBOC) sets yuan reference rate at 6.4236
  • Australian November jobs report - Employment Change: +71.4K (expected -10.0K)
  • RBNZ Wheeler: To soon to assess $NZD response to policy announcement
  • ASB continue to expect RBNZ cut to 2% next year
  • HSBC looking for another RBNZ rate cut in 2016
  • Nomura says the RBNZ is on hold until March of 2016
  • UK data RICS House Price Balance for November: 49% (expected 48, prior 50)
  • Australian data - Consumer Inflation Expectations for December: 4.0% (prior +3.5%)
  • Japan data - November PPI: -0.1% m/m (expected -0.3%)
  • Japan Business Sentiment Index (BSI) for Q4: Large All industry 4.6 (prior 9.6)
  • Westpac "remain steadfast in our view" that RBNZ will Cut rates further
  • "Chinese devaluation is a bigger danger than Fed rate rises"
  • NZ Card Spending for November - Retail: +0.3% m/m (expected +0.4%)
  • Trade ideas thread for Thursday 10 December 2015
  • Canada PM Trudeau: Primary objective remains to balance budget by 2019-20

That very loud booming sound you hear is the Australian employment market. For the second month in a row the jobs data came in at a huge beat ... this month's was a huge +71K compared with a loss of 10K expected. The Australian dollar was marked higher immediately, scything through 0.7250, 0.7275 and 0.7300, only halting around 0.7325. Its back under 0.7300 as I update.

Such huge back-to-back numbers raised doubts, the report detail is being questioned. The trend, though, is clear, Australian jobs growth has improved. Don't lose the forest for the trees. There is more at the bullets, above, but here it is all for easy reference:

  • Australian November jobs report - Employment Change: +71.4K (expected -10.0K)
  • Australian November jobs reports blockbuster - still more analyst responses
  • Australian November jobs reports blockbuster - more analyst responses
  • Australian November jobs reports blockbuster - analyst responses

In late NY time we got the RBNZ announcement (rate cut) ... and once more with the easy access:

  • Westpac "remain steadfast in our view" that RBNZ will Cut rates further
  • RBNZ Wheeler: To soon to assess $NZD response to policy announcement
  • ASB continue to expect RBNZ cut to 2% next year
  • HSBC looking for another RBNZ rate cut in 2016
  • Nomura says the RBNZ is on hold until March of 2016
  • RBNZ cuts, but statement interpreted as 'slightly hawkish'
  • RBNZ jawboning not hurting NZD
  • RBNZ cuts. NZDUSD rallies
  • RBNZ Q&A: Wheeler sees downside risks from dairy and drought
  • Full text of the RBNZ statement Dec 10, 2015
  • RBNZ cuts rates to 2.50% from 2.75%

Aussie and Kiwi were the big movers and shakers (milk shake in the Kiwi's case)

EUR, CHF both lost a few tics, GBP is more or less unchanged , while the yen has lost a few points against the USD and EUR here today.

The yuan (CNY) was set by the People's Bank of China at a new trend low (USD/CNY well past its August devaluation high now.

Regional equities with Shanghai closed for the lunch break:

  • Nikkei -1.3%
  • Shanghai +0.19%
  • HK -0.06%
  • ASX -1.11%

Still to come: Its Swiss National Bank decision day!

  • SNB meeting preview from 4 banks
  • Barclays say the SNB is likely to leave policy on hold
  • SNB to stay on hold, how to trade it - Credit Agricole
  • What to watch from Morgan Stanley

If you've read down this far, here's a bonus. Something else to worry about when the Federal Reserve hikes rates next week (its in the bullets, above, but we need easy access to worries too, right?):

  • FOMC December hike: Options market could provoke a wave of selling pressure in equities