Forex news for Asia trading Thursday 16 November 2017
- More on China YTD outbound investment down 40.9% y/y
- NAB forecasts on the AUD, and the 4 things that worry them
- Nomura on where to position GBP ahead of the EU Summit (December 14-15)
- CBA 5 main reasons the AUD is not headed significantly lower
- Some reports Republicans have the votes to win on House tax bill
- PBOC researcher now: Debt to equity swap cannot resolve debt problems
- China finance official - China needs to reform its foreign exchange reserves system
- China YTD non-fin outbound direct investment down 40.9% y/y
- Australian jobs report - responses coming in - here are two
- Reuters headline recap of the Aussie jobs report is spot on
- PBOC sets USD/CNY mid-point today at 6.6286
- Nearby FX options for Thursday expiry (the list is long)
- Australian exporters notably bid for the AUD
- More BoC's Wilkins: At time of rate hikes we didn't think growth pace was sustainable
- Australia (Oct) Employment change: +3.7K (vs. expected +18.8K)
- Australia - employment report due at the bottom of the hour - what to watch
- Meet Germany's new finance minister ... 'Mr Fix It'
- New Zealand - ANZ Consumer Confidence (November): -2.1% m/m (prior -2.8%)
- Australia - Consumer Inflation Expectations (November): 3.7% (prior 4.3%)
- BoC's Wilkins: BOC particularly focused on wages, potential output
- China - Banks conduct stress tests on loans to property Developers
- The dumbing down of the FOMC (risk of a major policy mistake rising)
- EUR/USD legging a little lower
- DJ's recap of Rosengren's speech: Sees need to continue raising interest rates
- Australian labour market report due today - preview ('downside risks')
- Trade ideas thread - Thursday 16 November 2017
- Fed's Rosengren: Must be aware of imbalances building up
- Australia - RBA's Ellis spoke overnight - recap
- Economic data due from Asia today - more central bank speak (BoC), Aussie jobs
- Fed's Rosengren says backs December rate hike
We had speeches from Eric Rosengren of the Federal Reserve and Carolyn Wilkins of the Bank of Canada. We had the monthly Australian jobs data lottery, and talk the republicans have the votes to get their tax bill up in the House on thursday in the US.
And yet ... we didn't get much movement in the forex.
Maybe it was Wilkins's cunning plan, but USD/CAD barely moved ... a minor wiggle is about it.
EUR/USD slid 20+ points in the thinly traded pre-Tokyo morning time and then spent the next few hours recovering. Its net down 10 points or so on the session. USD/CHF has climbed a few points is all, cable ... ditto.
AUD/USD was a little more active. It wiggled on the release of the October labour market report.
- Headline one, the jobs gain on the month, was a miss.
- Headline two, a lower unemployment rate was a beat, lower on the month.
(see bullets above)
And then the details came in a little mixed too ...
- a strong full-time jobs addition (and a bonus revision higher for the September figures)
- but a slight drop in participation
The Australian dollar has seemed to shrug and call it a draw. Its up a few points on the session only. And as I update its just below 0.7600.
NZD/USD is a few points lower on the session - political concerns not entirely receding and some AUD/NZD flows weighing.
