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:

Monday:

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: