Forex news for Asia trading Monday 6 November 2017
- More Australian parliament turmoil to come?
- Psst! Want an early wrap?
- RBA meeting Tuesday & November - preview
- Fitch says Australian banks face earnings pressure in FY2018
- New Zealand Prime Minister Ardern press conference comments
- Australia - ABS on CPI reweighting
- US Treas Secy Mnuchin - reiterates goal of getting tax bill in front of Trump this year
- More from BOJ's Kuroda: No adjustment needed in ETFs purchases right now
- More from BOJ's Kuroda - tight labour market, dwindling population
- RBNZ's 2 year inflation expectations 2.02% (prior 2.09%)
- FX option expiries for Monday 6 November 2017
- BOJ Closely Watching Impact of Easy Policy on Bank Profits-Kuroda - RECAP
- EUR - Italy right looks to have trumped populists in Sicily vote
- Bank of Japan September meeting minutes - recap
- Moody's says China shadow bank activity stops growing
- PBOC sets USD/CNY central rate at 6.6247 (vs. Friday at 6.6072)
- BOJ's Kuroda: Still some distance to go to achieve 2% inflation target
- US President Trump says US trade with Japan is not free nor reciprocal
- Japan - Nikkei services PMI 53.4 (prior 51.0) & composite 53.4 (prior 51.7)
- PBOC yuan mid rate coming up - China implications for AUD, CAD
- US President Trump says Japan has been winning on trade in recent decades
- Australia monthly inflation gauge: +0.3% m/m (prior 0.3%)
- NZ data: ANZ's Commodity Prices (October) -0.3% m/m (prior +0.8%)
- Bank of Japan minutes (Sep 20/ 21 meeting) out now
- Reserve Bank of Australia meet Tuesday (7 November 2017) - preview
- Morgan Stanley says USD momentum has eased, now think the DXY is topping out
- British PM May to tell business a Brexit transition period "crucial" to success
- BOE's Carney says Brexit may limit ability to cut interest rates
- More on the "Head of UK industry group to warn on Brexit" speech Monday
- UK press report on Hammond to scrap plans to raise business rate tax by 3.9%
- Head of UK industry group to warn on Brexit in a speech Monday
- Economic data due from Asia today
- Trade ideas thread - Monday 6 November 2017
- Another US mass shooting - Texas church, reports of 27 dead
- Saudi plane crash - media reports death of Prince Mansour bin Muqrin
- Monday opening FX rates - foreign exchange prices, early indications
Weekend:
- Arrests threaten major turmoil in Saudi Arabia
- Another change coming at the Fed: Dudley to retire
- Germany's Green Party polling higher as coalition talks continue
- BOE's Carney sees slower UK economic growth on a Brexit no-deal
- For Trump, the stock market is a scorecard for the Fed
- Three ways the U.K. could reverse Brexit
USD/JPY was a decent mover for the session, opening reasonably stably today and then popping above the much-anticipated 114.50 level to highs circa 114.73 (up 70 or so points) before dropping back to be under 114.40 as I update. Bank of Japan Governor Kuroda spoke, but added little to his previous thoughts and statements really - more easing to come etc. US President Trump was also on the wires, with comments reflecting on unfair trade (to the benefit of Japan). Also the usual.
EUR/USD has been quiet in a small range only (which has therefore seen EUR/JPY higher alongside USD/JPY). USD/CHF, too, little change and Cable ditto (though up a few points net).
The Australian dollar has seemed to benefit from a better tone in Chinese commodity markets (rebar, coking coal up around 3%, iron ore up around 5%). AUD/USD up a few spreads. NZD/USD is a wee bit lower (not much in it) while the CAD has lost a few points on the session against the USD (ditto on the not much in it).
Saudi Arabia was in the weekend news:
- Prince Alwaleed bin Talal, plus at least 10 other princes, four ministers and many former ministers were arrested Saturday night.
- A plane transporting eight Saudi officials reportedly crashed near Abha. Saudi state outlets now confirm Prince Mansour bin Muqrin was aboard and has died in the crash
Oil prices moved a few cents higher in early week trade.
