Forex news for Asia trading Monday 18 April 2016
- Japan chief cabinet secretary Suga: Utmost effort to minimise Japan quake impact
- German fin min Schäuble warns of excluding British football from European championship
- Oil producers get worst possible outcome, destroy remaining credibility
- Its official: Brazil's Rousseff loses crucial impeachment vote in Congress
- China March home prices: All China new home prices +4.9% y/y (prior +3.6%)
- PBOC sets USD/CNY mid-point today at 6.4787 (vs. Friday's 6.4908 )
- Citi raises 2016 oil price forecasts
- Japan PM Abe: Wants to use various tool for disaster relief (re extra budget)
- Japan stocks opening lower
- Westpac on the AUD and oil after Doha talks failure
- NZ CPI result today: Detracts from the case for an April RBNZ cut
- Goldman Sachs says Doha oil talks failure bearish for prices
- Botham backs Brexit ... Osborne says families will be £4,300 worse off
- New Zealand Q1 CPI 0.2% q/q (0.1% expected)
- Oil markets opening, WTI under $38
- Oil after Doha ... “Prices could touch $30 a barrel within days”
- Trade ideas thread - Monday 18 April 2016
- The ForexLive Oil poll - how low can it go?
- Here's one oil producer that has cut production ... by 60%!
- Xinhua tells NZ PM Key to STFU on talk of territorial disputes
- BHP's CEO says Brexit would damage U.K. businesses
- Reuters report "Russia says door not closed for oil output freeze"
- Monday morning Forex prices, 18 April 2016, early indications
Weekend:
- Doha oil talks conclude without an agreement
- Latest Doha draft contains none of the binding provisions of previous version
- Doha talks delayed as Saudi Arabia requests last-minute changes
- Cruz wins all 14 delegates in Wyoming
- Earthquake creates carnage in Ecuador
- Saudi Arabia sounds like it wants a price war
- SNB's Jordan: We haven't reached the limit of negative rates
- Iran will not attend the Doha oil talks tomorrow - Reuters
- ECB sees no reason to weaken EUR/USD - sources (via Reuters)
- BOJ's Kuroda comments on yen, intervention, earthquake
- Japan MOF comments on the yen & intervention - reserves the right to act
- Essential trade management techniques for the smart trader
The dummies in Doha could barely agree what day it was let alone anything else.
The Saudi's wouldn't agree to a freeze unless everyone agreed, and Iran didn't even turn up! News hit on the no to a production freeze a few hours before markets opened, which gave plenty of time to load up the sell orders.
CAD, AUD were notable losers first up, while yen was a big gainer. The open of oil markets saw prices slashed and in subsequent hours mounting a mild (very mild) recovery, as did AUD, NZD & CAD. If you're looking at a chart of AUD & CAD you'll see there is still 'gap' action as yet unfilled.
Gold was up with all this action also, but its little changed now after a retracement.
The yen has remained well bid, further earthquake concerns for Japan (eg. Toyota is to suspend production on supply chain issues) has seen the Nikkei tumble.
USD/CHF gapped lower in the early going (CHF 'safe haven' bid) but is also barely changed on the session now as I type.
Cable is lower, as is EUR/USD, GBP faring the worst of these two as EUR/GBP bids are still lurking about.
From China today we saw a strengthening of the yuan at the daily 'fix' (yep, its not a fix, it's a central rate setting from the central bank there, pardon my shorthand) followed by strong results for March house prices. Gains were spread among tier one and otherwise cities, but tier one centres still outperforming - Note that three have been some moves from authorities in China to scale back stimulus for housing in the past month or so but these efforts may only become visible in April's data, they certainly weren't today in March's numbers.
Elsewhere on the data front we had NZ inflation (up a little, and above expected) along with new car sales from Australia (surging to their best in 5 months)
Regional equities:
- Nikkei -2.99%
- Shanghai -1.34%
- HK -1.22%
- ASX -0.19%
