Forex trading headlines for Asia Wednesday 2 July 2014
- US Treasury Secretary Lew “to press China on yuan appreciation”
- Comments from Bundesbank board member Joachim Nagel – warns of bond ‘mispricing’ risk
- S&P downgrades Argentina to CCC- with a negative outlook
- More from the BOJ Tankan – Japanese firms’ inflation expectations
- Average USD/JPY rate expected by Japanese firms this year
- New Zealand data – ANZ Commodity June price index -0.9% m/m (vs. -2.2% prior)
- Australia Trade balance for May: -1911m (vs. expected -200m) and more here … horrible revisions
- New Zealand – Fonterra may cut 2014/15 milk payment
- Moody’s: Australia to see fall in private-sector capex with varied effects
AUD/USD drifted lower in the morning and then fell harder on the release of the trade balance data (see bullets, above and Westpac’s take, here). Ahead of 0.9450 it has stabilised and crept back a few points and while the buying has been persistent it does seem likely that the UK may have a closer look at it a little later.
NZD/USD, too, weakened on the session, continuing to respond the overnight dairy auction which saw prices fall again.
USD/JPY crept higher in the Tokyo morning, but the range was small (very small).
EUR down a few tics, cable too fell a few tics but retraced (in a 10 point range, so don’t get too excited).
Oil and gold were both sideways in tiny ranges.