Forex news for Asia trading Tuesday 30 June 2015

  • Shanghai Comp up 5%!!! (*but you better read the fine print)
  • New Zealand M3 Money Supply For May: +8.1% y/y (previous 7.7%)
  • Tuesday is about to dawn in Europe ... here's where we are at on Greece
  • PBOC injects 50bn yuan via reverse repo, lowers rate guidance
  • US President Obama planning an expansion of workers eligible for overtime
  • Australia private sector credit for May: +0.5% m/m (+0.5% expected)
  • Japan Labor Cash earnings for May: +0.6% y/y (expected +0.7%)
  • Bloomberg: China's PBOC Seen Cutting Interest Rates Again, Just Not Yet
  • New Zealand business confidence -2.3% in June, activity outlook 23.6%
  • Greece turmoil could delay the Federal Reserve & hurry up more cuts from the RBA!
  • What time is Greece's payment due to the IMF on Tuesday (30 June 2015)?
  • Xinhua: China National Pension Fund will be likely allowed to invest in stockmarket
  • New guy hired by Barclays ... umm ... has some central banking experience
  • Australia - ANZ Roy Morgan Weekly Consumer confidence: 116.3 (prior 114.0)
  • UK GfK Consumer Confidence for June: 7 (vs. 2 expected)
  • UK industry group says British exit from EU would be a disaster for financial industry
  • New Zealand May Building Permits (aka Building Consents): FLAT at 0.0% m/m (prior -1.7%)
  • Will Greece default on Tuesday? One key player isn't saying
  • Economic data due from Australia (and ... guess who's coming to dinner?)
  • Trade ideas thread for Tuesday 30 June 2015

Asian Monday huge price gaps? What? Never happened.

At least you'd think so given the overnight retracements (and more) and then the comparatively subdued FX Asian session today.

EUR/USD drifted lower throughout, losing around 40 odd points from where I walked in. The paucity of Greek headlines during the Asian session contributing to the relative lack of much action. Late news was that the Greek government had rejected a last ditch effort from Juncker. I've also posted (see bullets, above) on an expected announcement from the US Labor department on Tuesday regarding a proposed boost to overtime payments. While its not a done deal, and there are arguments that it'll have little impact, it may have been a factor in the mild USD strength we had today. May.

USD/JPY had a 50 or so point move lower while GBP and CHF were much quieter, USD/CHF up about 35 points.

Chinese stock markets continued their wild swings, and its not over for the day there yet. Shanghai Comp is +5% from its day's lows as I update, which brings it a little higher on the session from opening levels. The CSI300 is 2% higher at the lunch break.

AUD/USD is barely changed from where I walked in, while the NZD/USD is a little weaker. NZD fell earlier on the back of a very weak business confidence data print. It tested briefly to just under 0.6800 and managed a 20+ point bounce as I update.

Gold is slighty lower, oil also.

Still to come ...

  • RBA head Stevens speaking in the London morning
  • What time is Greece's payment due to the IMF on Tuesday (30 June 2015)?