Forex and Bitcoin news for Asia trading Friday 30 November 2018
- More on Goldman Sachs and trade war escalation the most likely Xi-Trump outcome
- RBC says to expect a higher USD in 2019, economy yet to hit a cyclical peak
- Passenger car sales in China for the first 3 weeks of Nov are down 28% y/y
- China stimulus news - to cut fuel prices
- UK PM May does not comment on any Brexit 'plan B'
- Mexican official says new NAFTA may take a year to get through US Congress
- Goldman Sachs is not bullish on Xi - Trump meeting, says escalation the most likely result
- ICYMI - China trade hawk Navarro will be at the Xi - Trump meeting
- Barclays expect an end to BOJ negative interest rates. What it means for the yen.
- PBOC sets USD/ CNY reference rate for today at 6.9357 (vs. yesterday at 6.9353)
- China PMIs: Manufacturing 50.0 (expected 50.2) Services 53.4 (53.8)
- Australia, private sector credit for October: 0.4% m/m (expected 0.4%)
- Morgan Stanley on less attractive US assets, to weigh on the USD
- Japan industrial production for October preliminary: 2.9% m/m (expected 1.2%)
- Canada confirms it expects to sign the new NAFTA agreement on Friday
- Tokyo area headline inflation (Nov.) 0.8% y/y (expected 1.1%)
- Japan Oct. unemployment rate 2.4% (expected 2.3%)
- StanChart weighs the risks - says the Fed > trade tensions
- Westpac's 3 drivers for it the NZD, and where its going
- NZD traders - BNZ lowers it Fonterra 2018/19 milk price forecast
- Trade ideas thread - Friday 30 November 2018
- New Zealand building permits for October: +1.5% m/m (prior -1.5%)
- SEC has charged two celebrities over initial coin offerings
Awaiting the Xi - Trump weekend meeting kept a lid on market activity here during the Asian timezone today. We got a decent flow of data, from Japan most notably, but little fresh market-impactful news.
From Japan:
- Tokyo area CPI (core-core CPI at 06% y/y, unchanged on the month)
- Unemployment low (2.4%)
Industrial production (preliminary) came in with a strong bounce back from September's disaster-impacted drop at its best m/m gain since January of 2015. More in the bullets above on these. Yen was subdued, though, USD/JPY tracking barely more than a 10 point range..
Other currencies were the same. Very small ranges for all the majors.
The other data event of most note here today were the November PMIs from China. The manufacturing result hit 50.0, an indication of the continuing slowing in China. The services PMI was down a touch. More in the bullet above. There was later news crossing of fuel price cuts in China, while slowing is evident, so are continued efforts at stimulus. Add the fuel move to the list.
Still to come:
