Forex and Bitcoin news for Asia trading Tuesday 17 July 2018
Early in the Asia session we got New Zealand inflation data for Q2 of 2018.
It came in just a touch below expected but nevertheless the y/y was up on Q1. NZD/USD was marked down a few points but quickly came back to where it had been and then just a few tics above.
I alerted ForexLive traders (and anyone reading) that the 'core' inflation measure from the RBZN was still to come. And wow, what an impact it had!
- More NZ inflation data: RBNZ measure of core inflation 1.7% y/y (1.6% prior)
- NZD on the move after NZ core inflation measure hits a 7 year high
The RBNZ inflation measure came in at its highest since Q2 of 2011. I posted that this would be NZD supportive. The NZD/USD sat there stunned for a few minutes (despite my heads up very few were paying attention) and then surged nearly 50 points in quick time. ForexLive nails it again.
More:
- UBS lowers its GDP forecast for China in2018: 6.5% from 6.6%
- China state planner concerned on external (trade tension) shocks
- RBA minutes - responses coming in
- BoE Chief Economist Haldane on why voted for an immediate rate hike
- China home price data - prices rise in June
- RBA July minutes: Next rate move likely to be up if economy improves as expected
- PBOC sets USD/ CNY central rate at 6.6821 (vs. yesterday at 6.6758)
- Oil- Goldman Sachs see Brent retesting $80 late this year rather than summer
- ANZ on the yuan - say CNY is under valued (but there is a but)
- Morgan Stanley look for a weaker USD ahead
- Australia - weekly ANZ Roy Morgan survey of consumer confidence: 121.5 (prior 120.5)
- Westpac's updated view for AUD/USD
- China Securities Journal says yuan is unlikely fall further significantly
- GBP Brexit news - customs bill amendment passes parliament
- Trade ideas thread - Tuesday 17 July 2018
USD/JPY was a mover also today, gaining 30+ points at its peak (just above 112.55) before dropping back to just above mid range to be above 112.40 as I post. There was little in the way of fresh news, the move coming on position readjustment as japan returned from its monday long weekend holiday.
EUR, CHF, GBP are all a few tics to the better against the USD but these were not where the activity was today.
AUD/USD is up a little. AUD lost some ground against the resurgent kiwi today but has gained a little against the USD.
The RBA July meeting minutes were out. The Bank said the next move in rates arre likely to be up if the economy develops as it expects. They added this is not forward guidance. An MNI reporter (@srodrigues45) summed that up in two words in a tweet: 'Go figure" . Spot on, indeed.
Nevertheless the RBA remains on hold for some time to come.
Speaking of … Still to come:
