Forex news for Asia trading Tuesday 21 July 2015

  • NAB/BNZ recommend selling NZD at 0.6600 ahead of the RBNZ on Thursday
  • New Zealand - Credit card spending for June: +6.5% y/y (prior was +7.1%)
  • China's Shen: Slower growth in China exports due to weak external demand
  • Is the lower than expected Chinese gold reserve build a reason to be bearish?
  • RBA July meeting Minutes: Further fall in AUD likely, necessary
  • China stocks, opening indications: Shanghai Composite to open down 1.3%
  • My favourite FX pricing model says the CHF is overvalued
  • BOJ Minutes - easing exerting intended effects, inflation improving
  • Reuters Tankan: Japan manufacturers sentiment unchanged on the month
  • Australia - ANZ Roy Morgan weekly Consumer Sentiment: 111.8 (prior was 107)
  • Why is the price of gold plummeting? Here's 4 reasons - choose your favourite!
  • New Zealand June migration numbers ... strong again ... +4800
  • Want a 5 year view on the oil price? Back to $US100 says guy who picked the collapse
  • Is the new Fed Governor nominee a clear sign of concern about USD strength?

Early moves lower for gold and EUR were retraced as the session gathered steam. Gold a big mover yet again, down briefly under $1095 and then ticking higher as the Asian markets opened more fully, back above 1105 and settling around there.

EUR/USD dipped to 1.0810 very, very briefly, then settled pretty much 1.0820/35 for a subdued session range.

GBP and CHF were not much more active.

USD/JPY moved higher in the wake of the Bank of Japan Minutes release ... by about 6 or 7 points! A 5 or so point range then ensued near the top of the overnight session's range. EUR/JPY lost ground early and then put on 30 or so points.

NZD/USD was a relative solid performer, with NZD/USD putting on 40+ points. Its around its highs, just above 0.6600 and encountering sellers as I update.

AUD/USD ticked a little higher pre the Reserve Bank of Australia Minutes release but then sunk back a few points to new session olows under 0.7370 where it has settled. The Minutes seemed to indicate a more neutral bias from the RBA. they'd like a lower currency (don't they always?), but say rates are on hold while they assess the impact from past cuts.