Forex news for Asian Pacific trading on November 28, 2017
Intro Paragraph Text Here.
- Goldman and Barclays seeing global growth of 4% in 2018
- BOJ Kuroda speaks in Parliament. Does not think bank's intermediation role hurt by easing
- Which currencies are doing better and worse so far today?
- PBOC sets yuan mid-point at 6.5944 vs last close at 6.5975
- More Dudley: Comments about fiscal policy
- Fed's Dudley: FOMC is very united on appropriate policy path
- BOJ Kuroda: Global economy continues to recover
- More Kashkari: Right now Fed does not see signs of impending correction
- NY Fed's Dudley scheduled to speak at the top of the hour.
- Fed's Kashkari speaks on a panel in Minneapolis
- BOJ Kataoka: BOJ needs to take additional easing steps as inflation won't reach 2% around fiscal 2019
- Senator Corker could vote "No" if "trigger" not done.
- ANZ Roy Morgan weekly consumer confidence falls to 115.0 from 116.4
- US Republican Senator Johnson will vote against tax bill if his concerns are not resolved
- Fed's Powell comments in statement for confirmation hearing
- The NZD is the strongest. The CAD is the weakest. NY trading day comes to an end.
- ForexLive Americas FX news wrap: US dollar gets some love, yen stays hot
In other markets, the snap shot is showing:
- Spot gold down -$0.20 or -0.2% at $1294.39
- WTI crude oil down -$0.34 or -0.59% at $57.77
- Shanghai down -14 points or -0.42% at 3308
- Nikkei -29 points or -0.13% at 22466
- S&P ASX -4.47 points or -0.7% at 5984
The Asian session was void of any major economic news, The biggest thing announced was ANZ Roy Morgan weekly consumer confidence out of Australia which fell to 115.0 from 116.4. There was little reaction to that report.
A couple Fed officials spoke in the US evening but also had little market impact. Fed's Kashkari - a dove - reiterated his feelings that the Fed should hold off on tightening until inflation picked up, while Fed's Dudley said:
- Fed thinks US economy is "pretty much" at full employment
- Not concerned that inflation is a little below Fed target
- Expects inflation to rebound and economy to continue at above trend pace
- Job market tightening more and a bit more wage growth
So he was a bit more optimistic/hawkish.
Trading wise, the NZD is the strongest currency so far today, while the JPY is the weakest.
The rest of the majors are sitting lumped together with mixed results and narrow ranges. The USDJPY did reache up to 40 pips after the early dip, gave way to a push higher (helped by little by comments from BOJs Kataoka who said the BOJ needs to take additional easing steps as inflation won't reach 2% in fiscal 2019. However, that run up gave back about 12 or so pips from the peak. The GBPUSD is trading at session highs at the end of the Asian session, perhaps in anticipation of the:
- The BOE UK bank stress test results
- The BOE Financial Stability report and
- The Financial Policy Committee report
which will all be released at 2 AM ET/0700 GMT. BOE Carney holds a press conference at 2:30 AM ET/0730 GMT. Below is a snapshot of the changes and ranges.
Overall a quiet session with not much activity to get too excited about....
