ForexLive Asia FX news: Yen loses a few tics today

Author: Eamonn Sheridan | Category: News

Forex and Bitcoin news for Asia trading Tuesday 6 March 2018

Posting the wrap a little early to clear the decks ahead of the RBA! Coming up at 0330 GMT; for previews ... scroll to the bottom of the post

Small forex movement in Asia today (ranges around normal for an Asian session anyway ... we take what we're given, right?).

On the data front the main focus was Australia, with plenty of GDP inputs for Q4 (balance of payments, net exports, government spending). Trade performance for Q4 will be a negative for the Q4 GDP (data will be published Wednesday 7 March at 0030 GMT), it came in poor today (not quite so poor as expected, but not good). Trade was a weight on the BoP current account, it hit its largest since Q3 of 2016.

If there was a sliver of OK news (ps. I'm still getting to the monthly data, retail sales was another bad miss .... but bear with me while I try to post something a bit more positive ... ;-) ) it was the government expenditure data for Q4 (oh ... austeriscists, look away)

  • Government spending up 1.7% q/q (prior +0.2% in Q3)
  • Public investment up 2.9% q/q

Stay tuned for the Reserve Bank of Australia decision and announcement, due at 0330 GMT

  • Expectations are for no change to the cash rate, and thus the focus will be on the Statement

Elsewhere news and data flow was light. There was a bit of to and fro on US trade tariff news. Currencies carried on their overnight moves (not too far, of course) on chatter that the proposed tariffs may not take effect. I don't know about that, but that's the chatter anyway.

USD/JPY added 20 odd points, to above 106.40. EUR/USD managed above 1.2360. Cable was a bit lacklustre, little net change. USD/CAD is also little changed (after a wobble or two). AUD/USD is up on the session while NZD/USD remains below its overnight high (ps. GDT auction coming up today)

Still to come:

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