Forex news for Asia trading Monday September 11, 2017
Morning on September 11 2001 - World Trade Center
Monday:
- Fitch ratings on heightened tension over North Korea - impact on South Korea
- HSBC on a "benevolent central bank", revised FX forecasts, & EUR/USD rally over
- Barclays trade for the week ahead is short AUDNZD
- Option expiries for Monday 11 September
- ANZ on the CFTC (Commitment of Traders)
- Yuan weakening against the USD, both onshore and offshore
- USD edging higher still in Asia Monday
- PBOC sets USD/CNY mid-point today at 6.4997 (vs. Friday at 6.5032)
- ANZ on New Zealand inflation & RBNZ cash rate outlook ... OCR "going nowhere"
- Here is what Goldman Sachs expect following the PBOC RR decision
- NZD: NZIER survey - lower inflation forecasts for 2017/18
- They might not be tossing around missiles but North Korea in the news regardless
- Japan July Machine Orders: 8.0% m/m (vs. expected 4.1%)
- Study puts the cost of post-Brexit customs checks at around 4 billion pounds a year
- UK credit card data for August, up in August first time since April
- New Zealand data - card spending for August; retail falls, total up
- China weekend data - inflation accelerates more than expected
- Economic data due from Asia today
- German press: EU committee criticized Trump’s economic policy
- Britain's Brexit minister Davis says blocking EU repeal bill is vote for chaotic Brexit
- Hurricane Irma - US Pres. Trump approves disaster declaration for Florida
- Goldman Sachs cuts its US Q3 GDP forecast citing Harvey and Irma impacts
- NHC says Hurricane Irma weakens to Category 2
- The PBOC will effectively remove a reserve requirement for trading FX forwards today
- China press on a huge spike in sales of heavy construction machinery - new boom?
- Trade ideas thread - Monday 11 September 2017
- Australia press: China to restrict coal imports? To provide support to local industry
- US President Trump calls for a tax reform 'speed-up' in light of Hurricane Irma
- Irma a “major event for Florida and also a major event for the insurance industry”
- USD/JPY early pricing higher than late Friday NY levels
- Monday morning opening FX indicative prices - 11 September 2017
Weekend:
- Video: I have the worst trading mantra
- Hurricane Irma hits Florida keys at Category 4 storm, but expected to weaken
- Tsipras says Greece can only escape bailout with structural reforms
- NATO's Stoltenberg says North Korea's "reckless" behaviour requires global response
- Hurricane Irma strengthens to Category 4 again as it nears Florida
- SG on the USD - "the long-term dollar downtrend is far from over"
- Greece becoming "a strategic partner of the major financial powers of the planet”
- Irma downgraded to Category 3 hurricane but expected to re-intensify
- Hurricane Irma weakens and shifts west in a good sign for Miami
- Mexican earthquake death toll rises to 61
- Bitcoin exchanges in China await clarification of shutdown talk
- US looking for UN to impose additional sanctions on North Korea
- China August CPI mm +0.4% vs 0.3% exp
ICYMI
Yen crosses opened higher in very early trade here in Asian Monday morning, with USD/JPY up around 50 or so points from its late Friday US level. There had been heightened concerns over a North Korean missile test on the weekend, a test which did not eventuate. I'm pointing a finger at the 'dog that did not bark' as one of the main factors for a lower yen into the new week.
USD/JPY did not 'fill the gap', finding buyers around 108.15 and trading higher towards 108.50.
USD/CHF ticked steadily higher for much of the session also, to above 0.9500 at one stage and is now a little under there. (ps. - there is a Swiss National Bank meeting later this week.Oh, and Bank of England also. Both are on Thursday.)
EUR/USD slipped a little, down towards 1.2000 and is small above there as I update. AUD and NZD also have net lost some ground against the USD and have had small ranges.
China was in the news late last week and over the weekend:
- New policy from the People's Bank of China
- Inflation data over the weekend
(see bullets above for more on these)
The People's Bank of China dropped the USD/CNY reference rate again today but the yuan dropped back against the USD to trade down a little after the onshore market open.
Regional equities:
- Nikkei +1.46%
- Shanghai +0.13%
- HK +0.95%
- ASX +1.05%
