Forex trading headlines for Asia Monday 30 June 2014
Weekend:
- BOE’s Carney says the value of the pound should settle over time
- Bank of England’s Spencer Dale: “It is not our job to control house prices, nor can we control house prices”
- ECB’s Mersch say they see no acute risk of deflation
- BOE’s Bean: market expectations of a rise in UK interest rates at the turn of the year are “reasonable”
- Japanese PM Shinzo Abe has a gig writing for the Financial Times
- Interview with Germany’s finance minister Wolfgang Schaüble
- BIS warns buoyant financial markets out of sync with the shaky global economic & geopolitical outlook
- Federal Reserve Bullard – Set aside the Q1 GDP, look forward
Monday:
- Fortescue Metals’ CFO expects iron ore spot price to settle around $110/tonne
- New Zealand May Building Permits -4.6% m/m (vs. expected -2.5%)
- Japan – Industrial Production for May (preliminary reading): +0.5% m/m (vs. expected +0.9%)
- Australia – TD Securities/Melbourne Institute (MI) Inflation Gauge for June: 0.0% m/m (vs. prior was +0.3%)
- Australia – Housing Industry Association (HIA) New Home Sales for May: -4.3% m/m (prior +2.9%)
- New Zealand ANZ Business confidence for June: 42.8 (vs. prior 53.5)
- Australia – Private Sector Credit for May: +0.4% m/m (vs. expected +0.4%) – housing finance led the way
- Thomson Reuters revising FX trading standards
- New Zealand Monthly Economic Indicators June 2014
- Also:
- Goldman Sachs technical analysis note to clients: EUR/USD should remain a sell on rallies
- Goldman Sachs ‘US Weekly Kickstart’ client briefing
- Standard Chartered analysts expect ECB to implement QE in the second half of 2014
USD/JPY and yen crosses weakened on the first session of the new week. Industrial production data for Japan (preliminary, May (see bullets, above)) came in weaker than expected, but the yen didn’t care, it followed on a little from its late last week’s strength, trading below 101.30 but, without significant follow-through.
The NZD, meanwhile, trudged off to the other end of the spectrum, weakening on the session. Early data was a poor showing on building ‘consents’ (see bullets, above), but without significant impact on the currency. The later business confidence data, though, started the selling rolling, with the buyers lined up between 0.8750 and 60 getting filled in relatively easily and the NZD/USD then down below 0.8740 before showing some stability (as of writing).
EUR, CHF and GBP had relatively subdued sessions in tight ranges.
AUD/USD, too, mainly treaded water in a small range, with the Aussie benefitting against the Kiwi largely due to the NZD weakness.
Oil traded just a little lower to begin the week, as did gold.
