Forex news for Asia trading Wednesday 27 September, 2017
- FT on "The potential canary in the UK debt market"
- The surge in August data for China industrial profit - more
- More on the US tax overhaul plan due to be announced Wednesday
- US durable goods and pending home sales data due Wednesday - preview
- NZ election - Peters says he'll wait until all votes are in before deciding
- US Commerce Sec. Ross says he wants China to be less protectionist
- US politics - Roy Moore wins Alabama GOP primary runoff for U.S. Senate
- China August Industrial profits +24% y/y (prior +16.5%)
- PBOC sets USD/CNY central rate at 6.6192 (vs. yesterday at 6.6076)
- FX option expiries for 27 September 2017
- ICYMI: US Commerce Dept hits Canada plane maker with hefty tariff
- Trump said to unveil 35% individual tax rate, option to go higher, cut corp tax to 20%
- More on the China Beige Book: “The pain from any true deleveraging lies ahead"
- Dyson plans to spend £2bn developing an electric car
- Toyota to invest $373.8 million in 5 US manufacturing plants
- Ex-BOE MPC member Blanchflower - ‘absolutely no basis’ to raise in November
- Nomura on EUR/CHF - see an increasing likelihood of 1.20
- China 'Beige Book' notes solid growth but "potentially darker story for 2018"
- This time tomorrow we'll have the 1st OCR decision from a new RBNZ governor
- Trade ideas thread - Wednesday 27 September 2017
- Japan earthquake: M5.9 off Honshu
- Heads up for yen traders - unverified North Korea rumour doing the rounds
- OIL - private inventory data shows US crude stocks headline draw
- Fed's Williams comments crossing wires (from an old interview though)
- PIMCO says Bank of Canada taking gradual approach to hikes
Asia today was a bit of a placeholder session. It seems we are awaiting an announcement from the US on Wednesday on tax reform and treading water while we do so.
There was some news and data flow; NZ politics, US politics, China data about covers it (see bullets above).
Movement of the forex was muted. Early Tokyo took the USD up a few points, expectations of US tax reform cited as the reason. The USD move was small, patchy, and ultimately not too sustained:
- USD/JPY approached 112.50 but didn't get through there (Japanese exporters were lined up to sell USD/JPY from there as I noted on Monday - and they have not yet gone away). Sellers ahead of there are being nibbled away though.
- EUR/USD had a small range with a mid-point circa 1.1785
- UsdCHF edged a tad higher on the session, sitting just over 0.9700 as i update
- Cable slipped a few points net.
- AUD is barely changed, NZD/USD & USD/CAD too
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ps. The title of the post is adapted from a line in this song old Aussies (like me) might recognise
