Forex trading headlines for Asia Wednesday 11 June 2014
- Nikkei: Japanese companies expect the USD/JPY at 100.70
- New Zealand May Electronic Card spending – Retail: +1.3% m/m (vs. expected +0.5%)
- World Bank report – Cuts global growth outlook, cites weaker US and BRICs
- Australia – ANZ/Roy Morgan weekly consumer confidence index for the week ended June 8: 102.2 (prior was 102.2)
- Japan – Domestic Corporate Goods Price Index (CGPI) m/m for May: +0.3% (expected +0.1%, prior +2.8%)
- Japan Quarterly Business Sentiment Index (BSI) survey results for Q2 register big falls
- US politics upset result: House Majority Leader Eric Cantor defeated in primary challenge
- Australia – Westpac Consumer Confidence Index (s.a.) for June +0.2% m/m
- PREVIEW: Reserve Bank of New Zealand policy meeting tomorrow
EUR/USD lost ground in Asia today, along with EUR/JPY. The moves were not big, but notable nonetheless as the EUR continued its decline post the ECB ‘buy the fact’ rally of last week. The CHF lost about 15 points against the USD too.
Cable, too, had some movement but finishes the session (as of writing) little net changed after attempting new lows from the overnight.
USD/JPY was mainly confined to a sideways range, but is plumbing the day’s lows as I type. Not a lot in it, though. Plenty of data out today (see bullets, above) but not a lot of impact.
The kiwi was a solid gainer ahead of the RBNZ monetary policy meeting Thursday morning New Zealand time (preview here … spoiler: here comes another rate hike!), ticking steadily higher to on its day’s highs testing 0.8550 as I type.
AUD/USD was the bridesmaid today, it spent much of the session in a narrow range, but gained 15 points in the afternoon.
US politics kicked up a shock result during the session, with Eric Cantor defeated in his primary vote. ‘Bye Eric. He was defeated by a Tea Party campaigner and you can likely expect some serious questions come the US morning about the potential for US politics to head back into gridlock given the boost this will give to that section of the Republican party.
