Forex news for Asia trading Wednesday 02 September 2015
China:
- China stocks positive for the day at lunch break
- China finance ministry - to accelerate reforms of sate-owned asset management
- People's Bank of China (PBOC) sets yuan reference rate at 6.3619
- China - Securities Times: Brokers providing more funds to CSFC for market intervention
- China to further increase stock market 'surveillance'
- Shanghai Securities News: China has room for further rate, RRR cuts
Australia and New Zealand:
- More responses to Australian GDP data
- Westpac on the 'key surprise' in today's poor GDP data from Australia
- Australian Q2 GDP ... "it is the "nominal" rate of growth that was truly horrible"
- Australian Treasurer Hockey: Government's economic plan is working
- GDP responses ... "AUD to fall into low 60s"
- Australian Q2 GDP growth - driven by government spending, household consumption
- Australia Q2 GDP: 0.2 % q/q (vs. expected +0.4%)
- New Zealand - ANZ Commodity Price Index for August: -5.2%
- UBS on the RBA - on hold ... but what they are watching to prompt further easing
- Comments from head of the IMF: Recent mkt turmoil underlines spillover risk
- ECB meeting coming up Thursday - preview from Merrill Lynch
- Japan - August Monetary base: +33.3% y/y (prior was +32.8%)
- UBS: Gold closely tracking changes in Fed policy expectations
- Trade ideas thread for Wednesday 2 September 2015
- API crude oil inventories: up 7.6 mln barrels
- Greece election poll ... its close! Syriza on 26%, ND on 25%
Morgan Stanley calls stocks lower ... and higher
- More on Morgan Stanley's "full house" buy alert on international stock markets
- Market chatter about a Morgan Stanley stock market buy alert:
- The Morgan Stanley 3% cut to its S&P500 forecast everyone is talking about
It was China stock markets and Australian Q2 GDP that were focal points today. China stocks opened heavily negative and then bounced, while Australian GDP came in at a big miss, with the nominal reading at its worst for more than half a century!
Before I go on, the gold medal today went to Bloomberg with these adjacent headlines ...
Someone at Bloomberg is having a giggle.
The Shanghai Composite opened down 4.4% today. Amidst much expectation that there was no way Chinese authorities would allow stocks to fall ahead of long weekend celebrations the market staged a rebound, climbing all the way back for opening lows to be higher at the lunch break.
Meanwhile, Australian GDP for Q2 came in at a miss (+0.2% q/q vs. +0.4% expected). The Australian dollar had traded lower ahead of the data today, dipping (very) briefly under 0.7000 (stops, option interest cited). On the release the dollar dipped again, making a new low (around 0.6988 for its lowest since 2009), but not sustaining the fall and being above 0.7020 as i update.
There were early moves in many currencies today. USD/JPY dipped in very late US trading, down toward 119.20. It made its way higher in the 90 minutes following its low, before exploding higher, triggering stops above 119.75 and rocketing through to 120.40-odd highs. Nikkei futures ahead of the open gained strongly also.
EUR/USD fell from early highs (or late US, if you prefer) just under 1.1320, dropping to under 1.1270 before stabilizing. USD/CHF gained ground. Cable was relatively quiet, but gained a few points.
Oil got smashed lower on the huge climb in inventories reported by the American Petroleum Institute.
Gold fell early but since recovered nearly all of the decline to be little changed on the session ... down just a little
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