Forex news for Asia trading Thursday 30 July 2015

Post FOMC day in Asia - some responses:

  • The overlooked omission in the Fed statement
  • RBS says "some" is a lower hurdle
  • RBC says Fed hints it is one-step closer to lift off hike
  • Deutsche Bank says 'reinforces' view of Sep. lift off
  • Citi says Fed nearly "good to go"
  • Goldman Sachs Hatzius: Says Fed 'lift-off' more likely December than September

Data today:

  • Australia export (-4.4%) & import (+1.4%) price indexes for Q2
  • Australia Building approvals for June: -8.2% m/m (vs. -1.0% expected)
  • Japan data: Industrial production for June (preliminary): +0.8% m/m (+0.3% expected)
  • New Zealand: June Building Permits: -4.1% m/m (prior was flat at 0.0%)

More:

  • UBS targets EUR/USD higher in the coming months
  • Japan June Vehicle Production -5.3% y/y (vs. -16.6% y/y in May)
  • Comments from BOJ's Ishida: Don't see huge financial imbalances, excessive risk
  • The Foreign Exchange Interbank Market
  • Trade ideas thread for Thursday 30 July 2015
  • Forex technical analysis; EURUSD falls to support target....stalls

A fairly typical post-FOMC session in Asia today, with only minor movement ... but at least it was something.

EUR, GBP and CHF all lost some ground against the USD as Tokyo, Singapore and Hong Kong all came on line, but the movements were small only, and EUR and GBP have retraced pretty much all of their earlier losses to be more or less unchanged from late NY time.

CHF, though, is noticeably weaker, with USD/CHF sitting on its (admittedly unimpressive) session high just under 0.9690 as I update. EUR/CHF is around session highs also, or not too far off.

USD/JPY popped above 124.15 and isn't much changed since, around 124.12 as I write. Another economic data point beat out of Japan today (preliminary industrial output data for June). EUR/JPY is barely changed since the NY close, up a few ticks.

We had a comments in the trade ideas thread looking for an AUD/NZD bounce today (check it out) ... and that has come to fruition today. NZD/USD has been persistently heavy and is on session lows as I update. AUD/USD, meanwhile, well its not a star performer, but up on the session a little to be in the top third of its day's (small) range as I write. This despite a disappointing building approvals data point today, the trend in approvals looks to have turned lower (see bullets, above for graph from the Australian Bureau of Statistics), at least for multi-unit developments.

Oil has tracked sideways since the decent move higher in US time, while gold has lost a few dollars after earlier highs.