Forex news for Asia trading Thursday 11 February 2016

Gold:

  • Gold pops through $1200
  • Rosenberg: Gold is an insurance policy

Japan

  • Here's what you should do with a strong yen - buy (a lot) more beer.
  • A primer on how the BOJ intervene in the currency market
  • Its a Japanese holiday today, does that mean we can't hear from the BOJ?
  • USD/JPY under 113
  • Here's what you should do with a strong yen - buy (a lot) more beer.
  • RBA Governor Stevens to speak Friday morning (Australia time) - preview
  • 5 theories for the market turmoil.
  • For the oil traders - 3 traders confirm deals at negative $2.50 and $2.75 /bbl
  • Moody's on NZ: Comfortable with AAA rating, outlook stable
  • UK data - RICS House Price Balance for January: 49% (52% expected)
  • Australia inflation expectations for February: 3.6% y/y (vs. 3.6% prior)
  • And this is why golf courses should be turned into motocross tracks
  • NZ data - January Median house price +5.2% y/y (REINZ)
  • Italian PM announces bank decree passed at cabinet meeting
  • Are you smarter than a 5th grader? (US Congress edition)
  • Trade ideas thread for Thursday 11 February 2016
  • NZ data - January Manufacturing PMI: 57.9 (prior 56.7)

USD/JPY was sold off again today, breaking overnight lows and plunging below 113. It found some buying just ahead of 112.50 and recovered to 113 before drifting back to around 112.70 as I update.

It was a difficult day for the narrative-spinners with AUD & NZD both moving sharply higher as USD/JPY fell. Order was restored to various world-views though when AUD and NZD fully retraced their gains in time for the 'risk-off' explanation to be reported with a sigh of relief.

I wasn't all yen today. Gold surged above 1200USD, to around 1215 and has since dipped back to $1205-ish.. Oil continued to drop in price.

EUR and GBP gained against the USD, but the net move on the session here has not been large. CHF a tad stronger also, but barely anything in it.

China markets are back from the break on Monday, USD/CNH hit its lowest for about 7 weeks today.

Regional equities:

  • Nikkei - Japan closed
  • Shanghai Closed
  • HK -3.95% - that looks like a huge plunge (and it is!), but recall HK was closed this week until today, some of that is a 'catch-up', or catch-down if you prefer)
  • ASX +0.72%

Still to come: RBA Governor Stevens to speak Friday morning (Australia time) - preview