Forex news for Asia trading Tuesday 28 October 2014
- Australian economy – Goldman Sachs says the “worst is yet to come”
- Australia – ANZ Roy Morgan weekly Consumer Sentiment index: 114.6 (prior was 111.6)
- New Zealand – Tourism contribution to economy falls to 7.1% of GDP
- Japan – Retail Sales for September: +2.7% m/m (vs. expected +0.8%)
- Japan finance minister Aso – says ‘will look at data’ to decide if fiscal stimulus needed
- Australian government set to hike fuel tax from November 10
- Goldman Sachs says RBNZ rates on hold for all of 2015
- IMF’s Shinohara: Abenomics failing to turn around Japanese economy
- Bank of Japan (BOJ) Governor Kuroda: Japan’s economy is showing some weakness
- China – Industrial profits +0.4% y/y for September (prior was -0.6%)
- Morgan Stanley says the NZD has further downside
- Bank of Japan Deputy Governor Kikuo Iwata comments also today
- Bank of Japan (BOJ) Governor Kuroda - more
- ANZ have a seasonal trade recommendation – sell GBP
A subdued sort of session in Asia today, dealers citing the upcoming FOMC as an excuse reason, but there was some choppy movement nonetheless.
A stand-out mover was gold, which sold to new lows from the overnight, halting ahead of $1222 and moving back steadily to hit just above $1332 before coming back again to be around its session mid point as I write.
Oil tracked a little lower to around $80.50 before bouncing back toward $80.75.
On currencies, the AUD and NZD found some buyers, the aussie more so, trading 30-odd points higher from session lows to once again take on 0.8820/30 and to be once again rejected from there (albeit only down toward 10/15 as I write).
GBP and EUR both had around 20-point ranges and finish close to where they were when I walked in this morning.
Plenty of chat from Bank of Japan (BOJ) Governor Kuroda and his deputy Iwata in Tokyo today in front of parliamentarians; EUR/JPY and USD/JPY trading more strongly in the Tokyo morning but giving back gains to a greater or lesser degree.