Forex news for Asia trading Tuesday 30 June 2015

  • HK holiday today (Happy Establishment Day!)
  • Goldman Sachs on why EUR/USD can to go "near parity"
  • China HSBC Manufacturing PMI (final) for June: 49.4 (flash was 49.6)
  • Japan June Manufacturing PMI (final): 50.1 (flash was 49.9)
  • Australia Building approvals for May: +2.4% m/m (+1.2% expected)
  • China Manufacturing PMI 50.2 (50.5 expected); Non-manufacturing PMI 53.8 (prior 53.2)
  • BOJ comments on the Tankan results ... they like the capex result!
  • BOJ Q2 Tankan
  • Australia - AIG Performance of Manufacturing index for June: 44.2 (prior was 52.3)
  • More from Fed's Bullard: Fed rate hike very much in play for September
  • Myth of currency manipulation
  • Japan - Abe adviser Hamada: Yen is being affected by Fed move toward tightening
  • Fed's Bullard: Risks of contagion from Greece are low
  • IMF confirms it didn't receive da cash- is sending the boys around with the baseball bats
  • Trade ideas thread for Wednesday 1 July 2015
  • Fed's Bullard: Should use higher rates to protect against a macroeconomic bubble
  • Forex technical analysis: What to look for in the USDCHF
  • API crude oil inventories: +1.9 mln barrels
  • Fitch downgrades Greece to 'CC' or, I prefer Fitch downgrades Greece to a yummy, salty, oily snack food

ADDED: Australia's Asciano has received A$9bn takeover bid from Canada

Very little action for the EUR in the timezone here today. The 2200GMT deadline for the Greek IMF payment passed, unsurprisingly, without Greek payment. Rumour is Greece may issue a debit card to the IMF. They can withdraw 60EUR a day (just joking).

EUR had little response (see, the market is a discounting mechanism). EUR/USD was basically flat for the balance of the session. We await Europe and the UK and the inevitable pick up in Greece-related headlines now.

CHF was basically flat also.

Cable lost a little ground, but without any clear news catalyst, down to dip below 1.5680 before some support and a very small bounce just above 1.5700.

USD/JPY continued in its tight range bound way for the session, grinding a little higher toward 122.60 after the BOJ Tankan release (see bullets, above for details).

AUD and NZD did their bit to provide some interest for the session, both gaining on the day. Chinese data was mixed, official and private PMIs coming in to show expansion (albeit marginally so). Australian manufacturing PMI is not much of an FX market focus, but it delivered a thumping 8+ point fall for the month to solidly drop back into contraction. Building approvals were improved on the m/m & y/y, though. Both AUD and NZD continue to edge ever so slightly higher as I update.

Oil fell in late US time, API inventory data showing an unexpected build and seeing a drop in the price which was sustained and extended through the session (albeit the moves were not large). Gold gained a few bucks.

Note - due to the 'leap second' insertion, futures markets had a scheduled delayed opening today.

Still to come ...

  • Heads up for NZD traders - GlobalDairyTrade auction today in London time