Forex news for Asia trading Friday, May 3 2019
- Here we are - all the NFP previews in one place
- Asian countries moving to reduce USD FX reliance
- Australia new car sales in April drop 8.9% y/y, down 8.1% YTD
- Morgan Stanley like the AUD, say no RBA rate cut next week
- Australian Building approvals for March: -15.5% m/m (expected -12.0%)
- Japanese markets will reopen next week - here's a USD/JPY forecast while we wait
- Reuters poll shows most expect a stronger USD (3 to 6 months), then EUR to gain
- Berkshire Hathaway bought Amazon shares, but 'it wasn't me' says Warren Buffett
- Citi expects the US dollar to break out on the topside
- ICYMI: JP Morgan on Global manufacturing growth .... lacklustre
- Australia April Services PMI: 50.1 (prior 49.3) & Composite 50.0 (prior 49.5)
- Here's a longer-term forecast for EUR/USD (spoiler 1.20 by the end of 2020)
- Australia Services PMI for April 46.5 (prior 44.8)
- Trump says very good chance to have great China trade deal
- US NFP preview, and how it will impact on the US dollar
- Gold - here is who is buying less (and why there is a surplus in the market)
- Goldman Sachs NFP preview
- AUD trade recommendation - "It’s not too late to be short AUD"
- Trade ideas thread - Friday 3 May 2019
The Australian dollar lost a few points today, continuing to trade just under 0.7000 prior to the local data focus of the day, building approvals. These were expected to drop on the month and didn't disappoint, in fact, they fell a little more than expected. AUD/USD lost a few more tics on the data but has since ticked back to be little net changed on the session. NZD/USD lost a few tics alongside the AUD over the release but it has managed to dust itself off for a (marginal) new (session) high before sitting more or less unchanged for the session also. Both the RBA and RBNZ meet next week, a couple of early previews are below.
Other currencies are little changed also. News flow, which was not much at all, was non-impactful. Scanning across the board its difficult to pick up any changes in FX rates of significance. GBP is up from its lows. Council election result came in during the session here. These are not generally much of a focus for the forex markets, but in this Brexit-charged environment ... they still were not a focus. FWIW both of the two major parties lost support.
Japan and China were again absent from the market today, on holiday. China is back on Monday, Japan is back on Tuesday.
Tonight we get the nonfarm payroll report from the US, previews below.
Still to come:
Nest week:
