Forex news for Asia trading Wednesday 1 February 2017
- More on Trump"s currency devaluation comments
- Ex-BOJ Momma: If USD/JPY spikes below 100, could make BOJ worried
- More from Japan"s Suga: Trump"s comments on yen devaluation totally inaccurate
- AUD and NZD ... losers ...
- Economic data due from the US today (FOMC also)
- Japan chief cabinet secretary Suga: Japan sees stable FX as important
- NZ Prime Minister English calls national election for September 23
- Trump choses US appeals court judge Neil Gorsuch for Supreme Court
- China official January Manufacturing PMI: 51.3 (expected 51.2, prior 51.4)
- China data: January Non-manufacturing PMI: 54.6 (prior 54.5)
- Japan"s Asakawa: Japan"s monetary policy is not aimed at FX
- Japan - Nikkei Manufacturing PMI (January, final): 52.7 (flash 52.8, prior 52.4)
- UK data: NIESR estimates GDP +1.7% in 2017 (vs Nov. forecast of +1.4%)
- UK - BRC Shop Price Index (January): -1.7% y/y (expected -1%, prior -1.4%)
- NZ Q4 employment responses
- Bank of Japan Governor Kuroda to appear in parliament (0715GMT)
- Japan forecasters expect GDP likely to grow around 1% through fiscal 2017
- BOC"s Poloz: Rise in uncertainty since US election likely to feed through to investment
- Australia - CoreLogic House Price Index (January): +0.7% m/m (prior +1.4%)
- Australia - manufacturing PMI (January): 51.2 (prior 55.4)
- BOC"s Poloz: Inflation to be sustainable at target around mid-2018
- Trade ideas thread - Wednesday 1 February 2017
- OIL - OPEC"s 82% compliance with output cut agreement: "a good number"
- New Zealand - Q4 employment data. Unemployment rate for Q4: 5.2% (expected 4.8%)
- OIL - Private inventory data shows bigger than expected build
- Apple (AAPL) earnings announcement: $3.36 EPS (expected $3.23)
Pretty much a sideways day for the currencies, but with AUD and NZD notable losers (*see correction at bottom). NZD was marked lower on the Q4 employment report, which was a miss on many measures. The main gist was higher (than expected) unemployment (but participation was higher ... at an all-time high in fact ... so there is that) and surprisingly soft wage data.
- New Zealand - Q4 employment data. Unemployment rate for Q4: 5.2% (expected 4.8%)
- NZ Q4 employment responses
The NZD continued to slide for much of the session after the data. For the politically minded, NZ PM Bill English called a general election. For September 23. Yes, really, nearly 9 months away! Gonna be a long winter in NZ.
AUD went along for the ride lower, slipping 30 or so points from its early high. It was the NZD that took the prize for the day"s biggest loser though (or, if you"re a currency war kinda guy/girl, the biggest winner).
USD/JPY was a mover also, after a quiet opening in Tokyo its added on 40-odd points to make yen a session loser also. EUR. CHF, GBP are all little changed against the USD.
Gold, too, has done little, a touch softer net on the session, back under USD1210. Oil too, down a few cents.
Despite it being a holiday in China today we got publication of the official manufacturing and non-manufacturing PMIs; both holding up well in January and indicating the stability we had in China"s economy in the latter part of 2016 still appears to have legs.
Regional equities:
- Nikkei +0.25%
- Shanghai closed
- HK -0.71%, back from holidays today
- ASX +0.51%
Still to come:
- Bank of Japan Governor Kuroda to appear in parliament (0715GMT)
- Economic data due from the US today (FOMC also)
- The U.S. Dollar Gets an Injection of Political Risk
- Trump"s Yen Comments "Wide of the Mark," Says Japan FX Chief
- ??? CAD with 60 pip range and JPY with 55 pip range. NZD and AUD both <50 pip...
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