Forex news for Asia trading Tuesday 2 August 20

Stay tuned for the RBA, announcement and statement due at 0430GMT

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And more:

  • Australian Treasurer Morrison wants an RBA rate cut today
  • Trading The RBA - Views From 10 Major Banks
  • NAB expects the Reserve Bank of Australia to stay on hold today
  • MNI on the RBA today - house view is for a cut
  • What's in store for AUDUSD as we head towards the RBA?
  • RBA to disappoint and AUDUSD will go above 0.80
  • Reserve Bank of Australia meeting - here comes another cut!
  • New Zealand Q3 2 year inflation expectations: 1.65% (prior 1.64%)
  • Bloomberg report on China equities - "Traders Flip Switch From Hate to Love"
  • USD/JPY jumps
  • Japan finance minister Aso: No comment on FX levels
  • Australian Building approvals (June): -2.9% m/m (expected +0.8%, prior -5.2%)
  • Australia: Trade balance for June: -3.195 bn (expected -2bn, prior -2.218bn)
  • PBOC sets yuan reference rate for today at 6.6451 (vs. yesterday at 6.6277)
  • Australian Treasurer Morrison wants an RBA rate cut today
  • Japan coalition party leader says stimulus will boost growth by around 1.3%
  • New Zealand - QV house prices for July: +14.1% y/y (prior +13.5%)
  • Australia - Weekly consumer sentiment: 118.0 (prior 115.5)
  • NAB expects the Reserve Bank of Australia to stay on hold today
  • Japan's latest fiscal stimulus due today - what time is Abe speaking?
  • Oil - Preview of the U.S. Energy Information Administration (EIA) data
  • MNI on the RBA today - house view is for a cut
  • Goldman Sachs 'underweight' equities for the next 3 months
  • Japan press: Japanese govt grows skeptical of BOJ's inflation target
  • Heading into the RBA today, where we at Australia?
  • Trade ideas thread for Tuesday 2 August 2016
  • Japan monetary base for July +24.7% y/y (prior +25.4%)

Some minor movement today in Asia, not on the scale that we saw last week though. A typhoon in HK subdued markets there to an extent.

USD/JPY was mainly sideways until a jump in the mid morning Tokyo time from around 102.40 up to 102.80 and thereabouts before it drifted back again. There didn't seem to be one trigger, just ongoing lower government bond yields, some commentary from finance minister Aso and waiting for the fiscal stimulus package to be unveiled. Yen crosses benefitted from the USD/Yen surge.

Against the USD the EUR is slightly higher on the session after some movement within a small range. The CHF is little changed too, while GBP is a few ticks higher.

AUD softened on the session ahead of the RBA, carrying on its decent-sized overnight fall. data from Australia today was a disappointment, a miss on both the trade deficit and building approvals. NZD started weaker but has stabilised somewhat and it net up a few points on the session.

Gold sold down, off around $6 while oil picked up a few cents after its overnight slide.

Regional equities:

  • Nikkei -0.68%
  • Shanghai -0.02%
  • HK
  • ASX -0.37%

Still to come: Heads up for NZD traders - dairy auction in London time Tuesday