ForexLive Asia FX news wrap: Euro lower s coalition talks collapse in Germany
- Japan PM Abe says excessive yen strength has been corrected
- More from the IMF on Australia - seems possible rates on hold another year
- North Korean press comments on Trump's visit to South Korea (spoiler ... insults)
- IMF on Australia - monetary policy remains appropriately accommodative
- RBA's Kohler speaks on mortgages, risks, lending regulations
- China Securities Journal: Economic growth likely to exceed 6.5% in 2018
- Update to "PBOC to continue prudent, neutral monetary policy"
- How to Spot a Market Top
- RBA's Kearns: bank closely watching loans for apartment building
- Natwest on the EUR in case of a fresh German election (spoiler ... down)
- PBOC sets USD/CNY central rate at 6.6271 (vs. Friday at 6.6277)
- NAFTA update - "risk of stalemate"
- Nearby biggie FX options for expiry Monday 20 Nov 2017
- Japan’s exports ... continuing best YTD performance since the global financial crisis
- Merkel's 3 options now that coalition talks have collapsed
- Pacific tsunami alerts cancelled (after M 7.0 New Caledonia earthquake earlier)
- Merkel will inform German President she has failed to form coalition government
- Japan trade balance for October Y 285.4bn (expected Y 330.0bn)
- EUR/USD update - lower after German coalition talks break down
- M7.3 earthquake off New Caledonia
- FDP walks out of Germany coalition talks
- Weekend news on the US tax bill ... Senator Collins says plan need work
- (weekend) UK - Tax experts urge Hammond to “rethink” plans to cut corp tax to 17%
- (Weekend) WSJ on widening Saudi probe - At least 24 military officers rounded up
- (Weekend) Goldman Sachs call for 4 Federal Reserve hikes in 2018
- Weekend: The FT report on Cabinet ready to back May’s increased Brexit bill offer
- Trade ideas thread - Monday 20 November 2017
- New Zealand - October Food Prices: -1.1% m/m (prior -0.2% m/m)
- Weekend comments from EU’s Tusk on Brexit
- New Zealand - Oct. Performance of services index 55.6 (prior 56.0)
- Economic data due from Asia today - (Pro tip: Keep on weekending!)
Weekend:
- Hammond says UK is about to see public debt fall at last
- A week-end of decision for Germany
- Goldman Sachs top themes and top trades for 2018
- US stocks are ending the session lower. For the week the changes were mixed.
A quiet opening in Asia for Monday but soon after, prior to Tokyo getting fully active, news hit that coalition talks in Germany had collapsed. Read from the bottom up for the chronology:
Merkel will inform German President she has failed to form coalition government
EUR/USD update - lower after German coalition talks break down
FDP walks out of Germany coalition talks (this was the first breaking item early on Monday Asia time)
On the face of it, the 'Merkel will inform German President she has failed to form coalition government' is likely indicative of a fresh election to be called ... but I'll be awaiting any announcement before concluding that. We'll see.
EUR/USD and EUR crosses dropped on the news, EUR/USD to just above 1.1720 before stabilizing. The bounce back was limited to circa 1.1750 and it slipped back to under 1.1730 in following hours again - its just above there as I update.
That was the market-moving news for the day. Over the weekend there was the usual toing and froing on Brexit (see bullets above) and also comments on the progress of the US tax legislation ('more work to do' again, see bullets above) .
Japanese trade data on Monday showed a dip for exports growth from the previous month, but a still strong showing. USD/JPY has had an uneventful, small range session, buying circa 111.90 and sellers around 112.20. USD/CHF, a small range also and ditto for Cable.
AUD/USD is slightly under its late US Friday area, with not much fresh to move it today. NZD/USD was soft also but has ticked up in recent hours to be more or less unchanged from its late Friday US level.
USD/CAD is a few points higher on the day, gold down a few cents. BTC had a scorcher over the weekend, to above 8k USD
