ForexLive Asia FX news: NZD, CNH lower - USD up across the board though

Author: Eamonn Sheridan | Category: News

Forex and Bitcoin news for Asia trading Thursday 8 February 2018

US afternoon trading in the NZD took its cue from the RBNZ Monetary Policy Statement, marking down the NZD in response. A real quick take on the Statement would be:

  • There was no change in the guidance from the Bank
  • But there was a slight dovish shift in assessment

RBNZ Governor Spencer's news conference followed soon after and the further comments later from Assistant Governor McDermott. There was some subtle jawboning of the currency (lower) and the market responded, talking NZD lower still (not by too much, but under 0.7200) (see bullets above for more ... but here they are here too ... you're welcome!):

The other mover on the day was the Chinese yuan, USD/CNH had been ticking higher but surged after release of China trade figures (for January) showed a big miss on the surplus. Exports were up, imports up too ... but HUGE. The caveat is the Lunar New Year which skews the January and February results each year ... the cavet did not stop the CNH move though:


Also of note for yuan weakness was the story that China revives QDLP outbound investment scheme

Stop loss buying was triggered above 6.3250-odd and a move above 6.3750 ensued. As I update other currencies are a little heavier against the USD after a quiet session  Gold down also.


Still to come is Super Thursday in the UK:

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