Forex news for Asia trading Monday 27 February 2017
- China news - SAFE to strengthen supervision of FX; Q1 GDP seen at 6.6%
- Its nearly Vegemite time in London - better tell 'em why the GBP fell
- Federal Reserve March rate hike? Bond markets says "No".
- Oscars Sunday, but on Monday ... economic data due from the US (+ a Fed speaker)
- ANZ on the Australian data today & implications for GDP
- Australian data today - implications for the GDP data due Wednesday - recession?
- WSJ on the BOJ: World’s Most Radical Experiment in Monetary Policy Isn’t Working
- PBOC sets USD/CNY central rate at 6.8814 (vs. Friday at 6.8655)
- Australia data: Q4 Inventories +0.3% q/q (expected +0.5%)
- Australia data: Q4 Company profits: +20.1% q/q (expected +8.0%)
- NYT reports: Trump to Ask for Sharp Increases in Military Spending, Officials Say
- GBP continues to fall, below 1.2400 in early Tokyo
- Early Tokyo FX price update ... GBP the biggest loser
- LSE says proposed merger with Deutsche Boerse unlikely to be approved by EU
- Brexit - UK PM May to announce end of free movement for new EU migrants in March
- Weekend: German Deputy Finance Minister on Greece: "There must not be a bail-in"
- Economic data due from Asia today
- Deputy Governor of the Riksbank says OK if the SEK strengthens gradually
- Bundesbank's Weidmann says ECB will not end asset purchase program in a sudden
- US Treasury Secretary Mnuchin says budget will not cut any entitlements
- Trade ideas thread - Monday 27 February 2017
- Weekend oil: Iran to issue $4.5b in bonds for energy projects. Holds naval exercises.
- Weekend: Sweden bank tax plan, Italy economy minister
- Weekend: Germany's Merkel on NATO spending. Merkel & Schulz poll.
- Monday morning FX - 27 February 2017 - foreign exchange prices, early indication
- ESM's Regling says EU institutions are working hard to keep IMF in Greece bailout talks
- BOE's Saunders says Brexit will have long-term "modest adverse" impact on UK GDP
- Forexlive Americas forex news wrap: Trumps midas touch pushes stocks up. Bonds slump. Dollar recovers
If you wanted reheated leftovers for breakfast you were in luck today. On Friday Ryan reported on the increase in speculation of a new Scottish independence referendum:
Well, that got rehashed in early Asia today, on the back of a story in the UK Times over the weekend, with Nicola Sturgeon apparently to make a renewed push this week for an agreement in March:
Cable saw sellers hit it to below 1.24 (briefly). It bounced a little and is straddling 1.2430 as I update.
USD/JPY was a mover on the session, early highs around 112.30 soon gave way and it slid under 112. An article in the Wall Street Journal on the 'world's most radical experiment in monetary policy' not ' working had a small impact on the yen only (if any).
On the data front we got more Q4 GDP-relevant data from Australia today (there is more to come on Tuesday and then the GDP data itself on Wednesday). It wasn't decisive, with a huge surge in profits having the shine taken off it by weak wages growth. Inventory data was a miss also, which will weigh directly on the GDP result (subtracting 0.2%). AUD has ticked a little higher on the session but is still under 0.77. NZD/USD is little changed.
China iron ore and rebar (futures) are both up >4% on the session.
EUR and CHF traded subdued ranges and both are not much changed as i update.
Gold, ditto, little change, oil a few cents higher on the day here.
- Nikkei -0.66%
- Shanghai -0.27%
- HK +0.08%
- ASX -0.32%
- (ps. S&P500 futures (ES) opened at a new high today)
Still to come: