ForexLive Asia FX news: RBNZ and RBA the focus for Asia today

Forex news for Asia trading Thursday 22 September 2016

• Goldman Sachs: USD/JPY is going to 108


• Japan meeting today - BOJ, FSA, MOF


• Oil - UAE wants a sustainable way to stabilize oil markets in any Algiers agreement


• G20 effort to eliminate world steel glut - government subsidies obstacle


• PBOC sets USD/CNY mid-point today at 6.6513(vs. yesterday at 6.6738)


• More from RBA's Lowe: Non-mining eco growth reasonably broad based


• NZD - Fonterra CEO: Strong NZD is not in Fonterra's favour


• RBA Gov. Lowe: A flexible inflation target remains correct policy


• Greek PM Tsipras: Greece hopes to be included in ECB QE program by early 2017


• December headline preview (?): Yellen the Grinch


• Ben Bernanke on the BOJ policy announcement: 2 main parts, but a muddled message


• PIMCO: BOJ made a policy “regime shift”


• Trade ideas thread - Thursday 22 September 2016


• Germany's finance ministry predicts slower H2 growth


• Westpac on RBNZ: Retained explicit easing bias, signalling a rate cut in November


• Gundlach on the Fed - Interest rates need to head higher


• RBNZ announce NO CHANGE to cash rate

And ... breathe out ....

A subdued session for Asia today after the big central bank meetings in the preceding 24 hours, with Japan on holiday a contributing factor also. It was a data-free session, though we did get some more central bank activity; a Reserve Bank of New Zealand announcement and then new Reserve Bank of Australia Governor Lowe appeared before an Australian parliament economics committee (you'd think the politicians on this committee would have a clue about economics wouldn't you? But I digress).

It was RBNZ time first, the bank leaving the official cash rate on hold, as was widely expected, but with a distinct dovish lean to the statement that came with the decision. Market expectations were slightly leaning the other way on this statement, with recent data painting a once again strong picture of the NZ economy. The dovish emphasis in the statement was also accompanied by some jawboning to talk down the NZD. An initial dip for the NZD did not last too long; it rebounded in following hours to make a (very slight) new session high before settling closer to the middle of the session range as I update.

RBA Governor Lowe said nothing to surprise or scare the market. AUD/USD had a narrow range session, running along not far from session highs. Governor Lowe revealed previous Governor Stevens had left him a gift, a coffee mug labelled 'half full'. And, Lowe's cautious optimism could well have been him channelling Stevens today in the testimony.

USD/JPY tested a little lower, but didn't manage to reach 100 before grinding out a bounce back to just under 100.50. A small range for it today.

Similar small ranges for EUR, CHF and GBP with little news nor developments to impact.

Oil is a little stronger, gold little changed.

Regional equities send their hugs and kisses to the FOMC:

• Nikkei - Japan holiday


• Shanghai +0.73%


• HK +1.55%


• ASX +0.79%

Still to come:

• Japan meeting today - BOJ, FSA, MOF, to discuss market issues following the BOJ and Fed meetings (they're probably not that fussed on the RBNZ) ... coming up at 0500GMT!

ForexLive Asia FX news: RBNZ and RBA the focus for Asia today
ForexLive Asia FX news: RBNZ and RBA the focus for Asia today
http://www.forexlive.com/feed/news