Forex news for Asia trading Tuesday 30 April 2019
- Day 2 of Japanese Golden Week market holidays passes without a flash crash. 4 to go.
- China - Caixin/Markit manufacturing PMI: 50.2 (expected 50.9)
- Australia Private Sector Credit for March: +0.3% m/m(expected 0.3% )
- NZD traders - heads up preview of the quarterly NZ jobs report, likely to move the kiwi
- PBOC sets USD/ CNY reference rate for today at 6.7286 (vs. yesterday at 6.7310)
- China PMIs all miss and lower than previous month - AUD falling
- China April official Manufacturing PMI: 50.1 (expected 50.5)
- China April official Services PMI: 54.3 (expected 55.0)
- New Zealand April Business Confidence: -37.5 (prior -38.0)
- USD/CAD forecasts from Citi (spoiler - see a higher Canadian dollar ahead)
- BNZ on China PMIs and NZ business confidence (quickie)
- AUD: Beset by weak domestic data, calls for imminent RBA rate cuts … buy it anyway!
- Australia ANZ/Roy Morgan Consumer Confidence: 117.6 (prior week was 119.5)
- UK data - UK car output fell for the tenth month in a row in March
- UK data Lloyds Business Barometer for April improves to 14 from 10 prior
- UK data - GFK Consumer Confidence for April: _13 (expected -13)
- PMIs from China are due today, Tuesday 30 April 2019 - preview
- RBA rate cuts being priced in ... but 'the worst may be over for the Aussie dollar'
- FT reports: China house price gains accelerate as buyers pile in
- ICYMI - USD "turbo bid" and who is “throwing currency caution to the wind”
- Trade ideas thread - Tuesday 30 April 2019
- US announces import duties on yarn products from China (and India)
- One for the equity traders - Alphabet Q1 revenue misses estimate
We got the official (NBS) PMIs from China today, for April, with all three, manufacturing, services, and composite missing estimates and below the March readings. A little later we got the privately surveyed Caixin./Markit manufacturing PMI which also missed and came in under the March result.
All four were still in expansion its not a stretch to label the official services PMI as still quite robust. But, the manufacturing ones were not so much. As I said all four still indicate growth, but they did not show the pace of growth indicated in March, slow, not taking off rapidly.
The Australian dollar was marked down on the release of the official PMIs, to under 0.7040. A bounce to circa 0.7050 and then a drop back to lows on the Caixin release. As I update AUD/USD is around 0.7045.
NZD/USD dropped also. We had additional data from New Zealand, ANZ's business survey, which showed still very, very weak business confidence and only a small improvement for activity.
Other data and news were non-impactful on forex today. EUR/USD had a wobble 9down a handful of pips) on the China data but is around 1.1190 as I post, after a circa 10 point range only. Cable is up (it had a similar wobble) and has managed a 10+ point range. USD/CAD is up a touch, Canadian GDP data is due today (link to a preview below). USD/JPY has drifted down a few points in a 10 or so point range also.
Japanese Golden Week continues, with all markets there closed through to Tuesday May7. China joins the holidays from tomorrow, closed Wednesday, Thursday and Friday.
Still to come:
Previews:
