Forex news for Asia trading Thursday 18 June 2015

A big miss for Q1 New Zealand GDP

  • New Zealand Q1 GDP: +0.2% q/q (vs. +0.6% expected)
  • ANZ calling 2 more RBNZ rate cuts before year end
  • NZ finmin English: We need a period of softer exchange rate
  • NZD slipping further after miss on GDP, more RBNZ cuts forecast
  • Westpac - Q1 GDP seals the case for a July Reserve Bank of New Zealand rate cut
  • NZD ... FOMC ... GDP ... what have you done to the orderboard?
  • China May FDI: +7.8% y/y (vs. +8.0% expected)
  • Japan average monthly wage data for April
  • Latvian foreign minister comments on tensions with Russia
  • All China house prices -5.7% y/y (prior -6.1%)
  • Goldman Sachs on the FOMC - December instead of September for 'lift off'
  • Japan - securities flows for the week ended June 12
  • Reuters Tankan - manufacturers index up in June
  • Fitch: Australian Mortgage Arrears Stable; Conditions Improving
  • Yellen said 'it depends on the data' more than a dozen times ... anyone listening?
  • Greek fin min Varoufakis: Greece aims to stay in the euro
  • More on Weidmann - No ECB cash for Greece if political negotiation fails
  • Weidmann: Euro survival doesn't depend on Greece, contagion can't be ruled out

The NZD fell today, giving back all of its FOMC-inspired gains. Q1 GDP came in a very big miss on expectations, which saw the currency marked lower immediately. NZD/USD halted its slide around the overnight low, gaining just over 20 points from there (as of writing).

AUD/USD fell a few points with the NZD, but its range was only small, bouncing from just ahead of 0.7710 and settling 25 or so points higher from there.

EUR/USD continued its climb, albeit at a much, much slower pace in this timezone, 1.1350 holding on the small pullback from its earlier high above 1.1370.

USD/JPY moved higher into the Tokyo fix, but fell after having topped around 123.60. 123.20 saw some support for it, but this has since given way though as of updating downside follow through has been very limited. EUR/JPY popped aove 140.40 early in Tokyo but is off 60 or so points since.

Cable ground out a pretty much sideways session, running along (and slightly above) overnight highs, give or take a few pips.

Oil was very quiet indeed. Gold had a few dollar range and is near session highs (just below) as I write.