Forex news for Asia trading Monday 3 April 2017
- Recap of the BOJ Tankan: Japan business mood brightens as recovery broadens
- PBOC injects $89.9bln of liquidity in March, up sharply from February
- Brexit - Deloitte says mood among company CFOs deciding most upbeat since June 2015
- New Zealand - Monthly Economic Indicators report out now
- Westpac on the AUD - "fair value" is falling
- Australia - Retail Sales for February: -0.1 % m/m (expected +0.3% m/m)
- Australia - Building Approvals (February): +8.3% m/m (expected -1.5%)
- Australia - ANZ"s job ads (March): +0.3% m/m (prior -0.7%)
- Australian data due bottom of the hour - retail sales, building approvals, job ads
- More weekend China news ... Has Its Worst-Ever Start to a Year For Defaults
- Waiting for the PBOC yuan mid rate for today? None, it"s a China holiday
- Australian private survey inflation indicator edges higher for March
- French election/knife fight news: Euro is a "knife in the ribs" of the French says Le Pen
- More weekend oil: Territorial dispute in northern Iraq threatens to disrupt oil output
- Weekend oil news: Russia cut production in March, closer to fulfilling its agreement
- Japan - Nikkei Manufacturing PMI (final, March): 52.4 (prior 53.3)
- EUR/USD ticking up, but USD/JPY lower keeping a lid on EUR/JPY
- Australia - CoreLogic March House Price Index, values up most since May 2010
- Bank of Japan Tankan report, Q1 2017: Large manufacturers still positive
- "Fund Managers Reveal Their Currency Strategies"
- FT says central banks are dumping euros, favour sterling ... note the dating on this, its old news
- Australia Manufacturing PMI (March): 57.5 (prior 59.3)
- US President Trump says in FT interview he"ll go it alone against Nth. Korea
- Weekend China (tightening) news: PBOC raises interest rates for SLF loans
- RBA meeting on Tuesday, an on hold decision is a "no-brainer"
- Weekend China - bans new property sales in new special economic zone
- Economic data due from Asia today (& China mkts closed)
- Trade ideas thread - Monday 3 April 2017
- Spain comments on Brexit. Also, will meet budget deficit target in 2017
- BoE"s Haldane was in a game mood over the weekend
- Weekend oil - OPEC head "cautiously optimistic" market is rebalancing
- Japan weekend press: BOJ ... the largest "whale" in the domestic equity market
- China Manufacturing PMI (Caixin/Markit) for March reported over the weekend
- Monday morning FX - 3 April 2017 - foreign exchange prices, early indications
Weekend:
- PBOC says China"s economy generally stable but complexities "cannot be underestimated"
- Iraq pledges to comply 100% with oil output cut agreement
- EU to bill every UK citizen €500 if May fails to pay Brexit divorce settlement
ICYMI:
A light session for news during the Asian Monday, and over the weekend, but plenty of start of the month data here today.
The first quarter (2017) Bank of Japan Tankan showed more positives for the economy:
- Bank of Japan Tankan report, Q1 2017: Large manufacturers still positive
- Recap of the BOJ Tankan: Japan business mood brightens as recovery broadens
The impact on the yen was not large, USD/JPY had dipped toward 111.10 before recovering back to nearly unchanged (from late US Friday levels) around 111.35.
Australian data for the session showed:
- Strong manufacturing PMI for March
- Still surging house prices
- Still under target band inflation
- Rising job ads
- Surging building approvals for the month
- And a huge, terrible miss on retail sales
More details on all these in the bullet links, above.
It was the retail sales data that was the most focus; RBA Governor Lowe has indicated Bank concerns on high levels of debt and weak wage growth weighing on domestic consumption. Given today"s miss on this key indicator on the health of the domestic economy perhaps RBA research is onto something? The Reserve Bank of Australia meet tomorrow (Tuesday Australian time, announcement at 2.30pm, 0430GMT), with unanimous expectation of an on hold decision. Given the APRA developments last week there may well be scope for the Bank to slip in an easing bias into their statement, though.
The Australian dollar lost ground after the job ads/building approval/retail sales data (all 3 came out at the same time), lower against the USD and against other currencies. The thing is today"s biggest loser.
EUR, on the other hand, has been a beast ... well, a little beast perhaps, trading up to circa 1.0680. CHF and GBP are both little changed against the big dollar. NZD/USD moved a little better on the session, but is still below its US-time Friday high.
Regional equities:
- Nikkei +0.36%
- Shanghai closed
- HK +0.39%
- ASX -0.23%
More:
- India steps up black money hunt; seeks Swiss details of over 10
- Iceland may peg crown to euro, says finance minister
ForexLive Asia FX news: EUR higher, AUD lower on the session
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