Forex news for Asia trading Tuesday 7 November 2017
- Goldman Sachs calling Bitcoin ceiling for now (Elliot Wave)
- AUD/USD popping to a new session high after the RBA announcement
- Australia - RBA announce no change to the cash rate (as expected)
- Japan press: Satellite images spot increased activity at North Korean nuclear test site
- RBA due at 0330 GMT - here's my headline.
- NZD traders - heads up for dairy auction, London time Tuesday
- AUD: Trading the RBA - Views From 10 Sell-Side Strategy Desks
- ANZ's AUD/USD trade recommendation (entry, exit levels)
- More on Japan fin min says won't use FTA to resolve US trade imbalance
- US Treas Sec Mnuchin says expects USD3tln in repatriation
- Goldman Sachs to partner with China sovereign fund in a $5bn fund
- PBOC sets USD/CNY reference rate for today at 6.6216 (vs. yesterday at 6.6247)
- New Zealand - Monthly Economic Indicators out now
- On China - “bubble deflating” will remain the policy priority
- Japan finance minister Aso: Won't pursue free trade deal to reduce US trade deficit
- Think FX traders are busy? Horse race bets coming in at >3000 a second.
- Sth Korea says closely monitoring FX markets
- (GBP) Barclays says Sterling faces symmetric risks after last week's sell-off
- More UK data - (Barclaycard) Consumer spending +2.4% y/y (prior +3%)
- UK data - BRC Sales like-for-like (October): -1.0 % y/y (expected +0.9%)
- Japan data - Sep. Labour Cash Earnings +0.9% y/y (expected +0.5%)
- AUD traders heads up - the sorta Australian holiday today that'll thin trading volumes
- US President Trump tweets he has great confidence in King Salman
- RBA decision day (spoiler - no change), preview
- Heads up for some North Korea chatter re possible preparation for nuke test
- Australia - Construction PMI (Oct.): 53.2 (prior 54.7)
- Australia - weekly consumer sentiment: 112.6 (prior 113.4)
- (Reuters) - US welcomes Saudi statements showing Iran's 'malign role in Yemen
- If you'd like some background on changes at the RBNZ - the Governor is da man!
- Trade ideas thread - Tuesday 7 November 2017
- NZ PM says not at all concerned by recent falls in NZD
- Economic data due from Asia today - welcome to RBA day
- RBNZ headlines crossing - fin min announces 2 phase review of mandate
The USD popped a little higher in morning trade in Japan, seemingly coinciding with Fox comments from US Treasury Secretary Mnuchin on humongous expected USD repatriations (see bullets above). When I say a 'little higher' I mean it: EUR/USD was around 1.1612 ish and dropped to under 1.1605. It then moved back above 1.1610 and is under there as I update. C'mon Europe timezone - put us out of this misery!
USD/JPY was barely more active, a low of just under 113.70 in the very early meanderings and its ticked to around 113.95 as I update. This has net helped yen crosses generally add a few ticks.
Cable has had a similarly narrow range and is a wee bit higher net on the session.
USD/CAD, ditto on the small range and after early lows is circa 1.2715.
NZD/USD is little changed.
AUD/USD showed slightly more interest. It was Reserve Bank of Australia day. The decision was an unchanged cash rate target, as expected, and a statement that was barely nudged (see bullets above). AUD/USD popped to 0.7700 and was promptly rejected from there, to be back under 0.7685 as I update. Check out the AUD/USD chart - there is heaps of work to do between 007700 and 0.7730. I like it (but I'm biased) but up moves ain't gonna be a straight line. China commodities looked good early but sagged on the approach to lunch time there.
