Forex news for Asia trading Monday 10 August 2015
Singapore markets were closed today, as part of the celebrations for National Day. Singapore celebrated 50 years of independence on August 9. They deserve another holiday for being one of the most over-achieving countries of the past 50 years, IMO.
Weekend:
- Greek government says it's discussing the draft of third bailout deal
- Foreign hedge funds thriving in China's volatile markets
- Germany's trade surplus to rise to a new record level in 2015
- China trade data for July - iron ore imports to the highest level this year
- China July CPI ( 1.6% y/y vs. 1.5% expected) and PPI (-5.4% y/y vs. -5.0% expected)
- Kuroda comments recap - Japan press put BOJ head in the firing line
- 'Emerging market' is obsolete
- Fed expectations only a small part of USD rally so far - BofA Merrill
- Mohammed El-Erian sees stronger case for Sept Fed hike
- Bill Gross frets about global deflation
- China weekend data - Trade balance for July: +$43.03bn (vs. +$55bn expected)
- Greek negotiators on track for Tuesday deal - report
Monday:
- China weekend data - further stimulus coming? But, the PBOC is 'in a bind'.
- Goldman Sachs says now a good time to buy USD - maintain their EUR/USD parity call
- China NDRC says prices to remain low in H2, property market to continue recovery
- Here are the two important September dates for your diary: 4 and 17
- End of quarter and year FX forecasts from Commerzbank
- China stocks opening indications - Shanghai Comp to open up 1.1%
- China Securities Journal - Deflation, not inflation, is the biggest economic risk
- Happy 70th ForexLive! Here, have a fish.
- Aussie fin min hints at downgrade in growth forecasts
- China stockmarket - here's what THE biggest buyer is buying to prop it up
- Australian recession ... its coming, but when? What to watch for.
- Japan data - June BOP current account balance: ¥ 558.6B (expected ¥ 785.9B)
- Aussie house price bubble? Who's right - Goldman Sachs vs. pizza delivery guy?
- Canadians selling out of property to capitalize on surging demand
- Barclays Trade Of The Week: Buy USD/CHF
- Oil - Commerzbank says the situation is clear, demand dip, oversupply
- JP Morgan lowering its oil price forecast - potential new lows for the year coming
- Trade ideas thread to start the fresh new FX week! Monday 10 August 2015
- China currency intervention drains FX reserves in July
- Australia - BHP job cuts announced on Sunday
A quiet start to the FX week in Asia this Monday, belying some dreadful data out of China over the weekend, with a plunge in exports last month.
EUR, CHF and GBP all traded in a subdued fashion during the session here, with tight, meandering ranges the rule.
Yen showed a bit more activity, with USD/JPY gaining from early lows to test 124.40 before stabilising in a tight range from there.
Even the AUD and NZD didn't have much to show for the day. AUD/USD was sideways around 0.7410 in the early going before dipping below 0.7390 & then ticking back to around 0.7400. The poor Chinese trade data was cited as weighing on it, but equally any bid tone was attributed to the potential for Chinese stimulus. Pick the narrative you like, the fact was it was a lacklustre range, not really enough for any side to claim victory and thus write the history. NZD, too, a narrow range meandering market.
Oil opened softer and then pretty much covered its small gap down. Gold traded down initially but ends the session (as of writing) slightly above the opening levels.
Regional equities were a bit all over the shop, major indices for:
- China (Shanghai) +1.9%
- China (Shenzen) + 1.7%
- Japan-0.1%
- Australia +0.7% (bank shares bouncing somewhat after last week's swan dive)
- Hong Kong -1.2%
Still to come:
- Heads up for Federal Reserve's Lockhart speaking Monday ... and more
