Forex news for Asia trading Tuesday 8 December 2015
- EUR/USD technical analysis set ups - Elliott Wave
- Japan Final Q3 GDP data much stronger than the preliminary ... more
- China November trade balance in USD terms 54.1bn surplus (64bn expected)
- A new source of euro liquidity
- Changes afoot at the Reserve Bank of Australia, gathering Moss
- Japan economy minister Amari: GDP data was a good surprise
- China November trade balance: CNY +343.1bn
- Buy USD/CHF ahead of the SNB - Credit Suisse
- PBOC sets yuan reference rate for today at 6.4078
- "Chinese demand for Aussie property drops as much as 15%"
- Wanna know how to trade? Start here.
- Shanghai Securities News reports RRR to be cut in December
- Australia data - NAB Business Confidence 5 (prior 2) & Conditions 10 (9)
- UK data - BRC Sales like-for-like for November: -0.4% y/y (expected +0.5%)
- Japan October BoP current account: ¥ 1458.4B (expected ¥ 1594.2B)
- Japan data, final Q3 GDP: 0.3% q/q (expected 0.0%)
- China November trade balance data due today
- NZ bank revises Q3 GDP forecast after strong data today
- Almost half of Japanese firms expect USD/JPY at 130 next year
- NZ data - Q3 Manufacturing Sales: +4.2% q/q (prior +0.4%) & Volume +3.5% (-0.2%)
- Canada finmin responds to questions of more government stimulus
- Trade ideas thread for Tuesday 8 December 2015
- US stock indices end up down but off the lows
- NZ data - ANZ truckometer for November: +0.7% m/m (prior +0.9%)
Lets start at the beginning today ... NZ GDP proxy the ANZ 'Truckometer' showed, says ANZ, that the economy there is "running faster than many realise". Forty five minutes later we had more data from NZ, with manufacturing activity indicating a solid pick up in Q3. Responses to the data involved at least one NZ bank revising its GDP forecast higher and the NZ dollar stabilising after the falls it had seen during the overnight session.
Staying on a chronological track, we then got Q3 GDP data from Japan, the final reading, which came in much, much better than the preliminary data. So much better that it negated what was thought to be a recession; Q3 is now showing a positive result instead of a negative and thus the 'technical recession' of two consecutive quarters of GDP shrinkage is no more. The data helped stick a bid under the yen for the balance of the session.
The AUD has had a rougher time today, though. Business confidence and conditions data were a positive for it, but the response was short-lived.
We soon saw poor Chinese trade balance data with another slump in exports 9for the fifth consecutive month of decline), and while the imports figure was not as bad as last month, nor as bad as was expected, it was still showing a negative y/y growth (13 months in a row now). This weighed further on the AUD, and as I update its on session lows and a sick doggy.
EUR/USD managed a decent (for Asia) gain of around 25 pips from its lows, and the CHF managed a bounce from its lows too. Cable is little changed.
Speaking of sick doggies .... Regional equities with Shanghai closed for the lunch break:
- Nikkei -0.96%
- Shanghai -1.33%
- HK -1.68%
- ASX -0.68%
