Forex news for Asia trading Monday 18 May 2015

Monday:

  • BOJ's Maeda: Sees positive developments in consumer spending
  • Japan data - Industrial Production for March (final): -0.8% m/m (prelim. was -0.3%)
  • NZ PM Key: Expects NZ property tax rules will boost revenue
  • SNB's Zurbrügg: Negative rates in force for as long as policy requires
  • Japan PM Abe: Fiscal health can't be restored without economic growth
  • EUR/USD: 3 Technical analysis concerns
  • AUD/USD: Australian Treasurer Hockey-US interest rate rise delay triggering AUD volatility
  • BNZ say RBNZ not to cut soon
  • AUD/USD - More on RBA Lowe's speech and comments earlier ... walking a 'fine line'
  • Australia April New Vehicle sales: -1.5% m/m (prior +0.5%)
  • All China April property prices: -6.1% y/y (prior also -6.1% y/y)
  • More on China property prices for April. Still falling ... but signs of stabilizing?
  • Iran deputy oil minister: OPEC unlikely to cut production at June meeting
  • China - PBOC take another step along interest rate deregulation road
  • RBA's Lowe Q&A now: Still have scope to lower rates if required
  • Japan - March Machine orders: +2.9m/m % (+1.5% expected)
  • RBA Deputy Governor Lowe: Further exchange rate fall would help economic transition
  • UK - Rightmove House Price Index for May: -0.1% m/m (prior was +1.6%)
  • Handelsblatt: Fitch to downgrade some European banks
  • New Zealand Services PMI for April: 56.5 (prior was 57.6)
  • CBA issue revised forecasts for AUD/USD
  • Australia press: Head of ASIC warns of property bubble

Weekend:

  • Goldman Sachs says jobs market slack may be much greater than believed
  • Germany's Gabriel says Greece will only get further funding if it carries out reforms
  • Pressure is increasing for Cameron to hold EU referendum next year
  • Kathimerini: Greek PM letter to Draghi, Juncker, Lagarde warned Greece wouldn't pay
  • ECB's Mersch: Satisfied with QE, no plans to end it early
  • New NZ government measures to bolster RBNZ moves to quell housing price boom
  • Still to soon for EUR/USD shorts - BNP Paribas
  • Video: Mike looks at the week ahead
  • PM Tsipras says Greece will not cross the red lines in talks with creditors
  • UK's Osborne to deliver a new Budget in July
  • US to offer new measure of economic growth

A relatively subdued start to the week for EUR, GBP, CHF. they are all a little weaker on the session but not a lot in it.

USD/JPY had a good rally, gaining 50 or so points, with Toshin and GPIF-related buyers cited. It opped around 119.75, with sellers from there through to the figure showing. The pull back has been minimal, just a 15 or so point drift back a little.

NZD was a big mover early. NZ government tax moves to try to limit Auckland house price gains say the currency lower on the open and continue to fall from there during the session.

AUD/USD fell, too - comments from RBA Deputy Governor Lowe that the RBA had scope to lower rates further saw it marked down to under 0.8110 before it found a little buying ahead of the figure, pushing it back towards 0.7440.

Still to come:

  • Central banker activity in the Europe / UK timezone - Federal Reserve and ECB speakers
  • Coming up / preview - Minutes of May RBA Monetary Policy Meeting