ForexLive Asia FX news wrap: NZD a big mover

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading Wednesday 17 April 2019

NZD was a big mover on the session here. It dropped sharply on the release of Q1 inflation data, which came in well under the central estimates. After dipping under 0.6860 briefly it has managed to steady.

Forex news for Asia trading Wednesday 17 April 2019

The AUD dropped alongside the kiwi, though not to nearly the same extent. EUR, GBP also lost a few points.

USD/JPY was also a mover, it popped above 112.00, to highs circa 112.15. There was no clear catalyst to trigger such a move (and in the big picture a 15 point jump is small potatoes). After settling for an hour or so it dropped back under the figure and is now just a few points lower net for the session. there were comments on US/Japan trade talks and also from the BOJ dep gov today. 

The big focus for the session was on data from China, Q1 GDP along with 'activity data' (industrial production, retail sales, investment) for March. GDP was a good number, But it was industrial production that came in at a huge beat (see bullets above). AUD (and other 'China proxy' trades) had a move higher.  EUR, GBP, CAD, (even the hapless NZD), all gained against the USD.

Something to note on CAD. There has been a change of government at the provincial level. While this does not impact on national economic policy it may well give thought to the Federal ruling party (led by PM Trudeau). The Conservatives in Alberta took power on a policy of more energy extraction-friendly policy and tax cuts.

Still to come:

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