ForexLive Asia FX news wrap: AUD dips on a surprise trade deficit

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading Friday 5 January 2018


The Australian trade report for November data is here:

A dreadful miss on expectations and the previous month's results were revised lower alongside from a surplus to a deficit. November's is the biggest deficit in over a year, and is the second deficit month in a row (after the revision for October). This will weigh on Q4 GDP (net exports look like they won't be a positive contributor)

The Australian dollar fell (all of about 20 points .... whaddya gotta do to get movement in this timezone???) from session highs circa 0.7869 to lows around 0.7845 (just a touch under).

NZD/USD dipped (marginally) with the AUD but has held a very small range on the session.

USD/JPY has edged a little higher, its approaching 112.90 as I update and on session highs. There has been little in the way of market moving data, news etc. for it (see bullets above).

EUR, CHF ... both barely changed against the dollar. GBP has edged a little to the topside though.

In China today, the People's Bank of China set (reference rate setting) the CNY at its strongest since May of 2016. The Bank skipped OMOs for the 10th day in a row, saying liquidity was good - and indeed China's interbank funding costs do continue to fall, for example Shibor was  lower across the board for the 4th day in a row.

Regional stocks .... the Nikkie continued its rip higher again today, as did India's BSE Index, which hit its highest ever.

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