Forex news for Asia trading Monday 8 January 2018
- BNP on the RBA in 2018, on hold: offsetting influences, risks
- Australia govmt forecasts 20% iron ore price drop in 2018
- After the KRW move its worth checking out Barclays SGD 'trade of the week'
- Barclays on "the perils of following consensus"
- A really early heads up preview on Australian retail sales data due this week
- It looks like intervention in the Korean won
- PBOC sets USD/CNY central rate at 6.4832 (vs. Friday at 6.4915)
- Option expiries of size due today, Monday 08 January 2018
- (2) Heads up (are better than 1) for very large FX option expiries in EUR/USD
- Morgan Stanley say there are new lows still to come for the US dollar
- ANZ on New Zealand dollar: NZD/USD to trade higher. Support, resistance levels
- China media reports - yuan to be stable; room for PBOC rate hike
- More UK data - Deloitte survey of chief financial officers
- UK credit card data (Visa) reports consumer spending -1% y/y in December (prior -0.9%)
- Eyes on the Bank of Canada after Friday's jobs surge - preview of Monday's report due
- Australian data - preview of November building approvals
- Italy's economy minister Padoan: Left- and right-wing parties coalition possible
- Australian data - December construction PMI: 52.8 (prior 57.5)
- Weekend Brexit news - UK press reports PM May to appoint a minister for no deal Brexit
- Weekend data: China's foreign-exchange reserves hit $3.14 trillion in December
- Weekend Weidmann: ECB should fix date to end bond purchases
- Trade ideas thread - Monday 8 January 2018
- Westpac have issued AUD/USD forecasts for the new year
- Saudi Arabia Arrests Princes for Criticizing Government
- Funds planned to 100% leverage bitcoin price swings - double the price moves!
- White House Doesn't See Need for Faster Fed Hikes
- A sparse economic calendar due from Asia today
- Fed's Williams: Something like three hikes this year makes sense
- Monday morning FX - 8 January 2018 - foreign exchange prices, early indications
Weekend:
- US government to sell 513 Bitcoin in dark web seizure
- Steve Bannon grovels to the President. Says he's sorry to him and Don Jr
- What's next for the Canadian dollar and the Bank of Canada
The Korean won was a big mover today, with rumours of Bank of Korea intervention to buy USD/KRW and drive the won lower, but also strong jawboning from the Bank - they said they'd act 'sternly' on one-way moves. Earlier chart:
The USD was a little stronger nearly across the board, but there was a mix. AUD/USD is lower, but AUD/NZD selling has helped steady NZD/USD. Cable edged its way above 1.3580 at one stage but since gave all its gain back and is pretty much on its session low as I post. Some Brexit news over the weekend (a 'no deal minister to be appointed, see bullets above).
EUR/USD too is on its session lows (BTW - the ranges in all of these was only small during the session here so far). USD/JPY, meanwhile has not moved too much either, no helped by a holiday for Japan today.
We await Europe/UK time and added impetus to the market.
