Forex news for Asia trading Wednesday 15 November 2017
- Australia - Jobs report due Thursday - some quickie previews
- Japan - Industrial Production for Sep. (final): -1% m/m (preliminary was -1.1%)
- Bloomberg: As Selloff Extends in Japan Stocks, One Prominent Buyer Is Back
- China media report: Special envoy for Chinese President Xi to visit North Korea
- Nikkei back from lunch (& gone to the bathroom for a chunder :-D )
- Australia wages - hard to identify where intensifying wage pressure will come from
- Still to come from Australia - Jobs report due tomorrow - preview
- Japan Q3 GDP earlier - analyst response (more growth expected)
- Yen crosses heading session lows, USD/JPY continuing its overnight slide
- Commsec on Australian wages data: Wage growth lifts from lows
- ANZ says an Australian economy windfall, slight boost to confidence on the way
- ASB on the NZD: "Election-related uncertainty to be short-term only"
- AUD lower after the wages data - analyst responses coming in
- PBOC sets USD/CNY central rate at 6.6263 (vs. yesterday at 6.6399)
- Some big FX option expiries today
- AUD tests under 0.7600 after the miss on Q3 wages data
- Australia - Q3 Wage Price Index 0.5% q/q (exp 0.7%)
- Comments from Japan economy minister - extra budget coming
- Japan - Q3 preliminary GDP 0.3% q/q (expected 0.4%)
- Australia - Westpac monthly consumer confidence (Nov) -1.7% m/m (prior +3.6%)
- RBNZ Bulletin article discusses the New Zealand dollar in global markets
- Australia - Q3 Wage Price Index due today - (more) preview
- Australia - Q3 Wage Price Index due today - preview
- US energy sec Perry says confident on successful NAFTA renegotiation
- Former US Ambassador to the UN says North Korea close on nuke capability
- Japan - Q3 preliminary GDP due today - preview
- OIL - private inventory data shows surprise build in US crude stocks
- Economic data due from Asia today - Japan GDP the biggie
Oil was an early (late US) mover on the private inventory data, lower on the build in stocks. Official data yet to come (due in the US morning Wednesday).
The major data points of the day here in Asia were
- Japanese preliminary Q3 GDP
- Australian Q3 Wage Price Index
The Japanese data came in at a miss, with exports a positive contributor but domestic demand (the consumer especially) weighing. The data did little of immediate impact on the yen (the move came later).
The Australian data was a miss also, and was especially disappointing given a government-mandated minimum wage rise in the quarter. The Australian dollar was marked down toward 0.7600 and over following minutes and hours lost more ground to around 0.7575 (just above) before stabilizing a little. There has not been much of a bounce though.
USD/JPY was sold off as Tokyo became more active and Singapore & Hong Kong entered - the overnight move to a lower USD/JPY extended further with lows circa 113.05 (just under) before a small bounce and relative stability since.
EUR/USD has maintained a very small range, as has USD/CHF. Cable is off just a few points on the session. USD/CAD is little net changed and kiwi too (a touch lower despite a bit of chop)
The Nikkei lost ground again today.
And ... Don't miss ... coming up at 0700 GMT:
- Reserve Bank of Australia speech by Luci Ellis, Assistant Governor (Economic) - Where is the Growth Going to Come From?
