Forex trading headlines for Asia Wednesday 24 September 2014
- New Zealand – Fonterra cuts forecast milk payout to NZ$5.30/kg
- New Zealand August trade balance: -472m (vs. expected -1125m)
- Jiji News: Japan PM Abe says wants to be careful about impact on local economies from recent yen weakening and more here and here
- Conference Board Leading Economic Index (LEI) for Australia increased 0.5% in July
- Federal Reserve’s George: Says Capex could pick up in coming months and more here.
- Reserve Bank of Australia (RBA) Financial Stability Review – housing unbalanced, discussing steps and more here
- Japan – Markit/JMMA Manufacturing PMI for September – FLASH: 51.7 (vs. prior was 52.2)
- Westpac MNI China Consumer Sentiment Indicator for September -0.1% m/m to 113.2
- Australia – “Forecast … mineral and energy commodity export earnings to fall 1.4% in the 2014-15 period”
More:
- Which investment bank says to buy the Australian dollar … and against what?
- Technical Analysis: S&P Index showing some chinks in the technical armor
- Technical Analysis: AUDUSD traders need to show some power
- Here’s another investment bank looking for the AUD to now outperform against some currencies
Some minor wiggles in the currencies today in Asia, with USD/JPY and yen crosses the stand-outs (in a lacklustre field).
Japanese PM Abe spoke with reporters earlier, talking up the yen a little (see bullets, above), seeing USD/JPY drop 35 or so points quite quickly (and off 50 or so from the overnight high). Yen crosses, of course, followed suit, as other currencies were largely stable against the USD 9with some nuances, see below). USD/JPY rebounded smartly from it session lows, recovering not quite all of its Abe-inspired drop before turning down slightly again.
EUR, GBP, CHF all gaines slightly against the USD on the session. CAD had a wiggle but finishes basically the same as it was when i walked in this morning.
NZD/USD dipped on the Fonterra downgrade to the milk payout forecast, but bounced from 0.8040 to just above 0.8080 for the session high. The trade balance came in better than expected (see bullets, above for both these stories) .
AUD/USD moved higher mid-morning in Sydney, lost all of its early gain and then has since put it all back on again. It sounds exciting but this all within around a 20 point range.