Forex news for Asia trading Wednesday 30 September 2015

China

  • Overnight press: China to Cut Purchase Tax on Some Cars
  • Moody's on China property- national sales growth to remain resilient in 2015
  • China data-Westpac/MNI Consumer Sentiment for September: 118.2 (prior 116.5)
  • People's Bank of China sets yuan mid-point reference rate at 6.3613

Australia and New Zealand:

  • Australia data-Building approvals for August: -6.9% m/m (-2.0% expected)
  • Australia data-Private sector credit for August: +0.6% m/m (expected +0.5%)
  • NZ data-ANZ Business Confidence: -18.9 (vs. -29.1 prior)
  • Goldman Sachs is 'cautious' but looking for AUD/USD to rebound to 75 cents
  • NZ Building Consents (Permits) for August: -4.9% m/m (vs. +20.4% m/m prior)
  • Australian press: 'HSBC turns off loan tap for investment property'

Japan

  • BOJ report on household inflation expectations
  • Japan data recap; industrial production, retail sales
  • Japan data-Industrial Production for August (preliminary): -0.5% m/m (expected +1.0%)
  • Japan data-August Retail sales: 0.0% m/m (expected +0.5%)
  • More on Japan PM Abe on beating deflation 'a bit more effort is required'
  • Japanese PM Abe is to reshuffle his cabinet next week (October 7)
  • Demand improving, production to resume normal levels says Nippon Steel
  • Abe adviser Takenaka wants extra budget stimulus, more BOJ easing
  • UK press: World set for emerging market mass default, warns IMF
  • Thai central bank holds rates, makes an interesting comment on why - marginal benefit
  • UK data: GfK Consumer Confidence for August: +3 (expected +6)
  • PIMCO on the Federal Reserve 'phantom rate hike' & how its caused market volatility
  • Trade ideas thread for Wednesday 30 September 2015
  • API crude oil inventories: Crude inventory rise of 4.6mln barrels

Minor moves only in the currency space today. Fear subsided somewhat with a better performance on overnight equity markets, with AUD. NZD, EUR all beneficiaries during the Asian timezone, not that the moves were impressive. The yen lost some ground, with USD/JPY testing 120.00 and EUR/JPY as high as just over 135.10 before both subsided.

AUD/USD put on 40 points from session lows, while the NZD did similar.

Cable was confined to a very tight range, as was USD/CHF.

Gold lost ground, dipping towards 1123. Oil fell 50 or cents on the late US afternoon release of American Petroleum Institute (API) inventory data, with a huge, surprising build in inventory of 4.6 million barrels for the week and has not recovered. Its near session lows as I update.

Regional stocks:

  • Nikkei +1.8%
  • HK +1.3%
  • ASX +1.3%
  • Shanghai +0.65%

Still to come:

  • Preview: UK GDP Q2 final revisions Wednesday 30 Sept