Forex news for Asia trading Thursday 12 March 2015

  • EUR ... "infinite supply and no demand right now"
  • ANZ say the data suggest a further Chinese RRR cut is possible in March
  • More reactions to the Aussie jobs data
  • Australian employment data - more analyst reactions
  • More from the RBNZ - seen on hold for a good time to come
  • Australian employment report - quick comments
  • More central bank rate cuts - Bank of Korea cuts base rate by 25bps
  • Australia - Employment change: +15.6K (vs. +15.0K expected)
  • New Zealand house price index +0.8% m/m
  • RBNZ's Wheeler: Says monetary policy remains supportive
  • GBP traders - Bank of England Quarterly Bulletin just published
  • UK - RICS house price balance for February: +14% (expected +6%, prior +7%)
  • Australia - Consumer inflation expectation for March: 3.2% (prior +4.0%)
  • Japan Q1 business sentiment data
  • Japan - January Tertiary Industry index: +1.4% m/m (expected +0.5%)
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  • Top gold forecaster says gold heading for more pain as Fed says it'll raise rates
  • China Securities Journal comment piece: Reserve Ratio Cut Is 'Imperative'
  • Chinese press playing down local QE talk amidst bond swap
  • New Zealand Food Price index for February: -0.7% m/m (vs. prior +1.3%)
  • Japan press - wage rises coming

The USD poked new highs since April 2003, with the dollar index (DXY) ticking a little above 100 before dipping under as I update (I'm breaking out Eminem with 'Lose Yourself')

EUR had its own 2003 party, falling to its lowest since January 2003 (OK, following up with 50 Cent and 'In da Club').

The news items of most interest today were the RBNZ decision (covered in the US Wrap, but more in the bullets above), the Bank of Korea rate cut, and Aussie employment (see bullets, above). Apart from that there wasn't much new ... the EUR and the USD just plodding along their pre-existing trends.

EUR selling was more than just against the USD, it lost ground on many of the crosses too, EUR/GBP notable.EUr/USD has recovered above 1.0500 as i write (low around 1.0495).

AUD/USD is ending the session nearly where it was as I settled in this morning, but it had a decent range, trading higher to just above 0.7625 and then under 0.7575 before coming back to be mid-range now.

The NZD consolidated the gains it had in the immediate aftermath of the Reserve Bank of New Zealand announcement.