Forex and Bitcoin news for Asia trading Wednesday 8 August 2018
- RBA's Lowe: Escalation of trade war could be damaging for the global economy
- China trade balance: USD +28.05bn (vs. expected +$39.05bn)
- China trade balance CNY +176.96bn (vs. expected +CNY 227.1bn)
- RBA Governor Lowe: No strong case for a near term interest rate move
- RBNZ's New Zealand 2 year inflation expectations for Q3: 2.04% y/y (prev 2.01%)
- China state planner issues statement on lowering corporate leverage in 2018
- Australia June Home Loans: -1.1% m/m (vs. expected 0.0%)
- PBOC sets USD/ CNY reference rate for today at 6.8313 (vs. yesterday at 6.8431)
- ANZ's NZ Monthly Inflation Gauge + 0.6% m/m in July, strongest since January
- Leaked document: Putin lobbied Trump on arms control
- NAM CEO says Trump needs to get China back to negotiating table
- Goldman Sachs on metal prices - say forming a base
- US President Trump says GDP could 'be in the fives' next quarter
- Bank of Japan Summary of Opinions for July 30/31 meeting out now
- Japan data - June BoP Current Account Balance: ¥ 1175.6bn (expected ¥ 1222.2bn)
- China State Researcher on GDP to grow 6.7 in the second half of this year
- Spanish Eurofighter jet accidently launched an air-to-air missile in Estonian air space
- Yes, the CAD slipped overnight, but nothing has changed on its fundamentals
- NZ fin min Robertson: There is every reason to be optimistic on the economic outlook
- Trade ideas thread - Wednesday 8 August 2018
- Oil - private inventory data shows a larger than expected headline draw
It was a packed session in Asia with data and news flow from all over the place:
- New Zealand
- Australia
- China
- The US
- Japan
Check out the bullets above for all the info!
As for currencies, well ... not so much.
NZD was gainer following the NZ data (inflation expectations 1 year, 2 years, and 5 years ahead from the RBNZ survey). The figures for Q3 were all higher than in Q2, but sheesh the difference was minor. Kiwi said : 'Doesn't matter, mine!' as it popped 20-odd points. Yep, not much but it was pretty much the biggest mover for the major traded currencies.
EUR/USD has managed a 15 or so point move up also, the move coming about the same time as the kiwi. GBP, ditto, and the CHF too is a touch firmer against the USD.
USD/JPY has tracked its own course, pretty much nowhere. Its barely changed on the session after a small range. AUD/USD is a few ticks net higher on the session. We got data (housing finance) and also some RBA comments from Governor Lowe today. Lowe basically repeated what he has been saying for months (see bullets above).
China trade balance showed both exports to the US and imports from the US were higher on the month. Early July was when the US tariffs began to kick in to I don't know what we can draw from the two increases. Or what the big tweeter fella will draw from them.
Still to come:
