Forex news for Asia trading Monday 27 July 2015

Monday

  • RBS targets 1.05 in EUR/USD. Their 5 risks of a faster fall
  • RBNZ and RBA Governors both give awaited speeches this week
  • China June Industrial profits -0.3% y/y (vs. +0.6% prior)
  • BOJ Deputy Governor Nakaso: Japan price trend improving steadily
  • Australian press: AUD - What will it take for sub 0.70?
  • Canada press - CAD going to 75 cents, here's why
  • Morgan Stanley on EUR/USD ... pressure to the downside
  • Japan - Services PPI for June: 0.4% y/y (vs. +0.6% expected)
  • Its FOMC week - some quick previews from the banks
  • Oil companies have shelved $200bn of spending on new projects
  • FT asks if the FOMC will "formally signal a looming move" this week
  • Trade ideas thread for the new week - Monday 27 July 2015Commitment of Traders shows hedge funds holding net-short gold position

Weekend

  • Varoufakis: Planned parallel bank system, says Schaeuble wants Grexit to "terrorise" France
  • UK's Cameron set to call the EU referendum for June 2016
  • Greek cash controls could remain in place for months
  • Troika talks with Greece will now be Tuesday
  • Varoufakis recorded Eurogroup meetings
  • IMF joins the Greek talks Monday
  • Latest Greek bailout talks will now start on Monday
  • The next head of the IMF is unlikely to be from Europe
  • Greece will look at alternatives to privatising ADMIE

A subdued opening in early Asia this Monday followed through to a session of net USD weakness.

EUR/USD tested above 1.1000 while USD/JPY steadily lost ground, before tripping stops below 123.60 taking it down toward 123.40.

There wasn't a lot of fresh news over the weekend or during Monday in Asia (see bullets, above) to enhance volatility, a few rumblings out Greece ahead of talks this week, which kept the movements small.

CHF and GBP nett gained also.

NZD moved back above 0.6600, while AUD/USD traded more in a choppy manner to approach 0.7300. Iron ore rallied in China, helping the AUD along today, but AUD/NZD was slightly heavy on the day, but not much in it.

Gold lost a few dollars from its Friday late session high, but again, not a lot in it. Oil was more or less unchanged, down a few cents.

Asian equity markets are lower as of updating. The Nikkei was down around 1%, Hong Kong's Hang Seng down nearly 2.5%, and Chinese mainland markets gave back some of their gains from last week.