Forex news for Asia trading Wednesday 10 February 2016

Japan:

  • USD/JPY - BOJ does a ring around to 'check rates'
  • Memo for the BOJ - this is the criteria for WHEN to intervene in FX market
  • Japan administration flogging the yen strength with a wet lettuce leaf
  • Japan economy minister Ishihara: Economic fundamentals have been recovering
  • Japan PM Abe: Its up to the BOJ to decide monetary policy
  • Yen flexing ... when will we get some comments out of Japan?
  • Japan - PPI for January: -0.9 % m/m (expected -0.7%)
  • BOJ's Kuroda to appear in Japanese parliament today
  • Kuroda and Peter Pan. Wrong Peter, dude.
  • 5 things to watch from Fed Head Yellen in her testimony to Congress
  • Australia & 'Positive economic data surprises' ... but check out this home loan data
  • Australia - lets do a bit of contrarian thinking (this might disappoint you)
  • World's best trader bets on oil price heading higher
  • Australia - HIA New Home Sales for December: +6.0% m/m (prior -2.7%)
  • Australia - Westpac Consumer Confidence (February): +4.2% m/m (prior -3.5%)
  • FT: 'Oil industry leaders move to quash talk of stronger prices'
  • Australian Treasury Sec. Fraser: China is a risk to global economy
  • Markets yelling 'Pour some sugar on me!' Yellen will oblige.
  • NZ Card spending (retail - January): +0.3% m/m (expected +0.3%)
  • Oil - American Petroleum Institute (API) data - Inventories +2.4mln bbls
  • Comments from ECB Governing Council member - deflation battle not over
  • Hump day trade ideas thread
  • Westpac forecasting deflation for NZ in 2016

Nikkei225

The session started off with more of the same again, looking like it might have repeated yesterday when the Nikkei, yen crosses and JGBs got sold off.

The Nikkei and yen crosses did sell early, but we saw a sharp spike in USD/JPY halt the declines (from around 114.30 in USD/JPY) with talk being the BOJ was 'checking rates' (see bullets, above).

USD/JPY spiked but didn't follow through higher, tracking in a choppy sideways move from just under 114.60 to around 114.80. The nikkei, too, saw some stbaility during this period.

Fresh selling on the stock market in the Tokyo afternoon, through to new lows on the Nikkei, with USD/JPY back down towards its earlier lows also. Its barely holding there as I update.

We had very little in the way of news, but some economic data from Australia came in better, consumer sentiment and new home sales both stronger than prior reads. Nevertheless, AUD (and NZD) suffered, external developments yet again weighing.

Oil is little changed. A headline re Iran and Saudi Arabia apparently willing to speak on developments in oil markets did it little harm. i donlt know that much will come of it, details are sketchy.

Gold gained a few dollars.

EUR, CHF, GBP all little changed (except against the yen where they were hit lower, of course).

Regional equities:

  • Nikkei -3.81%
  • Shanghai Closed
  • HK Closed
  • ASX -1.15%

Still to come: Yellen fronts Congress

  • 5 things to watch from Fed Head Yellen in her testimony to Congress
  • Markets yelling 'Pour some sugar on me!' Yellen will oblige.