Forex news for Asia trading Tuesday 10 November 2015
- Comments from PBOC governer driving offshore yuan higher
- France's Le Pen likes UK PM Cameron's Brexit bargaining chip
- MS Feldman says BOJ to hit inflation target around the end of 2016 - here's how
- NAB forecasts for the Australian dollar and the RBA
- China deflation ... "This requires the PBOC to engage in more aggressive policy easing"
- China press: Some 2016 investment projects have been moved forward to this year
- China October CPI: +1.3% y/y (+1.5% expected) % PPI -5.9% y/y (-5.9% expected)
- PBOC sets yuan reference rate for today at 6.3602
- Japan PM Abe says he will cut corporate tax more than planned in 2016
- Australia - NAB Business Conditions (October): 9 & Business Confidence 2
- Australian housing finance for September. Home loans 2.0% m/m (expected 0.0%)
- Moody's sees China GDP growth this year 'just under' 7%
- PBOC governor says Beijing to improve eco policy coordination
- UK data - BRC Like-for-like sales (October): -0.2% y/y (+0.8% expected)
- Japan data - BoP Current Account Balance and Trade Balance BoP Basis
- Japan economy minister Amari: Want to cut corporate tax below 30%
- OECD: Australian growth to slow on China and lower household spending
- Goldman Sachs says the lift in Australian business conditions may not be genuine
- Australia - ANZ weekly Consumer Sentiment: 116.6 (prior 115.2)
- Gundlach at it again: Higher interest rates may cripple stock market
- NZ data - Card spending for October, retail: 0.0% m/m (exp. +0.3%)
- IMF says NZD is 'somewhat overvalued'
- Trade ideas thread for Tuesday 10 November 2015
- NZ data - ANZ Truckometer for October: +0.9% (prior was +1.7%)
Subdued forex ranges continued during the Asian session.
The session began with New Zealand data (truckometer), news (IMF), and data again (card spending), which saw NZD /USD move toward overnight lows (actually slightly lower) and then settle sideways. We also got REINZ house data from New Zealand today, showing a dip in sales and prices on the month.
Weekly consumer sentiment data from Australia barely moved things, as did the following Japanese data.
More substantive data from Australia a little later; business confidence and conditions, along with housing finance ... but little AUD response. As I update AUD/USD is barely changed on the session after a 15 or so point range. A similar story for USD/JPY with a similar range magnitude.
EUR/USD and cable, too, are little changed after narrow ranges, while USD/CHF has managed a few ticks higher.
Gold eked out a small gain, while oil is maybe up a few cents.
Overnight falls on US stocks washed through local equities here today, sending some lower. There was some chatter that a few large fund houses in China were being investigated by the CSRC yesterday, which seemed to weigh on Chinese equities early too, but as I update the Shanghai Composite has recovered from early weakness..
Regional equities with Shanghai closed for the lunch break:
- Shanghai +0.42%
- Nikkei -0.18%
- HK -1.19%
- ASX -0.72%