Forex news for Asia trading Tuesday 01 September 2015
ForexLive Asia FX news wrap: All eyes once again to China
Forex news for Asia trading Tuesday 01 September 2015
China
- PBOC to curb yuan speculation, limit capital outflows, new FX forwards reserve requirement
- Is this the new normal Asian day? China stocks down, EUR, GBP, JPY all up.
- China Caixin Manufacturing PMI for August (final): 47.3 (vs. flash 47.1) + services PMI result
- People's Bank of China (PBOC) sets yuan reference rate at 6.3752
- China Official Manufacturing PMI: 49.7 (49.7 expected) & Non-manufacturing 53.4 (prior 53.9)
- U.S. fund managers want less Chinese stock market intervention, end the fake market
Australia, New Zealand
- RBNZ's 'game changer' for housing supply, prices
- Australia - AMP Capital revises Q2 GDP forecast to +0.1%
- Australian PM Abbott - Bank deposit tax will not proceed
- Australia Building approvals for July: +4.2% m/m (expected +3.0%)
- Australia BoP Current Account balance for Q2: -19.0bn (expected -16.8bn)
- Australia - Core Logic/RPData house price index for August: +0.3% (prior was +2.8%)
- New Zealand - QV House Prices for August: +11.3% y/y (prior was +10.1%)
- Moody's: Australian banks face challenging next 12-18 months
- Australia - AIG Performance of Manufacturing index for August: 51.7(prior 50.4)
- Australia - ANZ Roy Morgan weekly Consumer Sentiment: 113.3 (prior was 113.0)
- AUD/USD technical analysis from Westpac
- New Zealand - Fonterra offers interest free loans to NZ dairy farmers
- NZ Q2 Terms of Trade Index: +1.3% q/q (expected -2.5%)
- Australian companies doing it tough, could lead to more foreign takeovers says analyst
- Deutsche Bank cuts its Australian stock market outlook
Japan
- Japan data - Nikkei Manufacturing PMI for August (final): 51.7 (vs. flash of 51.9)
- Japan economy minister Amari: Capex still weak
- Japan: Q2 Capital Spending: +5.6% y/y (expected +8.8%)
- Goldman Sachs on oil - maintains view for low prices
- Countdown to US nonfarm payroll data
- Trade ideas thread for Tuesday 1 September 2015
- Morgan Stanley cuts 2015 global growth forecast to 3.1% (from 3.4%)
China the focus again today.
PMI data releases pointed to further economic slowing indications. Stockmarkets opened with a gap lower and then extended their losses. There was a morning turnaround, though, and the opening gap has been nibbled into slightly (China stocks close for lunch break - partially close the opening gap lower). No such luck for US equity index futures, though, as I update they are barely off the lows hit since Globex reopened for trade in the US afternoon.
EUR, CHF, JPY and GBP all traded higher against the USD, and all with very little retracement of their gains.
AUD and NZD have both been choppy, but slightly better bid overall on the day so far. We are awaiting big events for both, with an RBA announcement (the September monetary policy meeting) and then a GDT auction later during London hours. Note also, on Wednesday (at 11.30am local time, 0130GMT, we get Q2 GDP data out of Australia. Current expectations are for a +0.4% q/q print, with risk skewed to the downside).
Oil consolidated its US afternoon losses (after huge gains in past days), tracking below $48 (WTI). Gold kept on gaining, up toward $1142.50.
Still to come
- Coming up at 0430GMT - RBA meeting today, no rate change expected but economic risks building
- NZD traders- heads up for the GlobalDairyTrade auction today
