Forex news for Asia trading Tuesday 1 November 2016
- RBA announcement: NO CHANGE
- BOJ: Keeps monetary policy steady
- Woman gets 20 iPhones from 20 boyfriends. Sells phones for house deposit.
- Here they ALL are - The top 5 seasonal trends for November!
- Trading the RBA and the BoJ - Views from major banks
- China data - Caixin manufacturing PMI (Oct.): 51.2 (expected 50.1, prior 50.1)
- China private manufacturing PMI still to come, recap of the official PMI while we wait
- PBOC sets yuan reference rate for today at 6.7734 (vs. yesterday at 6.7641)
- China Manufacturing PMI: 51.2 (vs. 50.3 expected)
- China Services PMI 54.0 (prior 53.7)
- Japan - Nikkei Manufacturing PMI (final, October): 51.4 (flash was 51.7)
- Melbourne Cup horse race thread - what"s your tip to win?
- Japan finance minister Aso: Should leave monetary policy to the BOJ
- Do we really have to wait 3 months to get the next CPI reading from Australia? (No ...)
- Federal Reserve"s FOMC changes from 2016 for 2017 - who"s out & who"s in
- FOMC outlook from Credit Suisse
- Australia - CoreLogic House Price Index for October: +0.5% m/m (prior +1.0%)
- New Zealand - QV House Prices for October: +12.7% y/y (prior +14.3%)
- Australia: AIG Manufacturing PMI (October): 50.9 (prior 49.8)
- Australia: ANZ weekly Consumer Confidence Index: 114.1 (prior 113.6)
- Colonial Pipeline shut down its main gasoline pipelines in Shelby County, Alabama
- Chocolate + Peanut Butter = Reeses cup. RBA + BOJ = AUDJPY
- Trade ideas thread - Tuesday 1 November 2016
The focus for the day were two central bank meetings - the Bank of Japan and the Reserve Bank of Australia.
- Official China Manufacturing PMI: 51.2 (vs. 50.3 expected)
- Official China Services PMI 54.0 (prior 53.7)
- Private China data - Caixin manufacturing PMI (Oct.): 51.2 (expected 50.1, prior 50.1)
Both manufacturing PMIs showed well above expectations beats, which is probably not too surprising given the extent of government stimulus tipped into the economy over recent months. The sustainability of the gains, though, is open to question once the stimulus tapers off. More details of the results are at those bullets.
Ahead of the Japanese and Australian central bank announcements forex movements were subdued. USD/JPY was stuck in a 20 or so point range, an early small pop toward 104.90, then down to just below 104.70.
EUR/USD dribbled down a few points. Cable dropped 20 or so points also, but recovered it all.
AUD/USD maintained a small range also, trading more or less sideways before gathering a few points up and making it toward 0.7620.
NZD/USD was a "star performer" amongst this bunch, though, adding on 25 or so points.
The BOJ announcement came first today, with no change to policy (as expected) but changes to forecasts, notably hitting the inflation target was pushed back (see bullets above for more). USD/JPY did little immediately following the announcement, then edged up toward 105 and is around 104.90 as I update.
A half hour so after the Bank of Japan announcement the Reserve Bank of Australia announced the outcome of their meeting - leaving the cash rate unchanged, as widely expected. The accompanying statement had nothing to surprise nor shock.
AUD/USD popped 20+ points and is more or less maintaining its highs as I update towards 0.7650.
Regional equities:
- Nikkei +0.04%
- Shanghai +0.33%
- HK +1.10%
- ASX -0.74%
More:
- Three of Fed"s Own Primary Dealers Warn Hikes on Hold Until 2017: HSBC, RBC, RBS all say no Federal Reserve rate hike in December
- Chalk up China as another example where a cheapening exchange rate is failing to lift exports.
ForexLive Asia FX news: BOJ and RBA - both on hold
ForexLive Asia FX news: BOJ and RBA - both on hold
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