Forex news for Asia trading Monday 13 April 2015

WEEKEND:

  • Stanley Druckenmiller shared 5 secrets at a private event
  • Germany's Steinmeier gives another G7 cold shoulder to Putin
  • UK Election 2015: Let's have a look at the latest polls
  • The bubble will burst (just don't ask me when) - More from our guest economist John Hearn
  • Plenty of US data next week - note these in the diary for likely market impact
  • When do we get Fed rate 'lift off'? Fed officials say June, or September, or 2016, or ...
  • China - PBOC lending facilities pumped in billions in just Q1 - stockmarket surge, anyone?
  • Nippon Life chairman warns against more BOJ quantitative easing
  • China has fallen in love with the stock market
  • Tough to ignore this trendline in USD/JPY
  • The big inflation debate
  • Who will be in the top 20 in 2030?
  • UK Election 2015: What happens with a hung parliament?
  • The new '50 Shades Of Beige' book is out next week!
  • Italian PM Renzi said he will consider new stimulate measures in the coming weeks

MONDAY:

  • EUR/USD: Here Is Why There Is No Bottom In Sight - Goldman Sachs
  • China trade balance - customs spokesman comments
  • World Bank China 2015 growth forecast to 7.1%
  • China - March trade balance data out now
  • Australia - credit card purchases and balances data for February
  • US data coming up this week .... preview of retail sales
  • PIMCO's Mead says RBA rate cut in May is 'no slam dunk'
  • Goldman Sachs ask "How can the Dollar rally further without any obvious catalyst?"
  • NZD traders - RBNZ speaker added to schedule for tomorrow
  • Barclays technical analysis looking for USD/JPY to move higher ... 124.15 in view
  • Morgan Stanley sees Federal Reserve hike in December 2015 (brought forward from 2016 call)
  • Bank of Japan Governor Kuroda: To continue QQE until 2% inflation is stable
  • Minutes of the March 16 & 17 Bank of Japan meeting out now
  • Japan data - February machinery orders and more out now
  • Weekend news - Japan ruling coalition's 'sweeping wins' in local elections
  • A guide to what policy actions 25 of the world's central banks are expected to take in Q2
  • Hong Kong dollar intervention on Friday
  • New Zealand card spending rises in March
  • HSBC's Bloxham: NZD strengthening against the AUD - "we expect that situation to persist"
  • US presidential race - Hillary Clinton confirms she is in the running
  • UK election - Miliband pledges 'budget lock' to reduce the deficit every year
  • NZ PM Key: Property lending restrictions better than 'blanket' interest rate rises
  • BNP on the 'biggest surprise' from the Reserve Bank of Australia
  • Top 12 media myths on oil prices
  • EUR/USD technical analysis from Goldman Sachs - Elliot Wave

After a relatively quiet beginning to the session we got some very sharp moves upon the release of the Chinese March trade data. The trade surplus came in around 90% lower than was expected, with a big fall in both exports and imports:

March trade surplus $ 3.08bn

  • expected $40.1bn, prior was $60.62bn

March exports -15% y/y

  • expected +9.0% y/y, prior was +48.3%
March imports -12.7% y/y

  • expected -10.0% y/y, prior was -20.5%

AUD/USD and NZD/USD were hit the hardest, both off around 60+ points and both displaying very little in the way of bounce (as of writing). Further, Chinese imports from Australia fell for a record 7 months.

Other currencies fell against the USD too, EUR, GBP, CHF and yen all losing points to a greater or lesser extent.
On the other hand, the Shanghai Composite and the Hang Seng gained on the back of the potential of more Chinese easing to come.
Oil was relatively flat. Gold a little softer.