Author: Eamonn Sheridan
Forex news for Asia trading Tuesday 24 August 2015
China
- Caixin: CSRC scraps its focus on rescuing stock market
- FT ... the panic outside China has subsided
- Conference Board Leading Economic Index for China +0.9% in July (prior +0.6%)
- Shanghai Composite chart - another gap lower. 3 year chart shows rise and fall
- Lets get this show on the road. PBOC sets yuan reference rate at 6.3987
- China Economic Information Daily: Stock turbulence cause of sentiment, not eco probs
- Xinhua: China reviewing loan to deposit cap ratio
- China Securities Journal: Monday stock rout caused by economic pressure
- More on that PBOC RRR cut story
- NZ data - 2 year inflation expectations: 1.94% q/q (prior 1.85%)
- Indian Central bank head on stocks collapse - Deal with it, stop crying for support
- Australian PM Abbott: Stock market difficulties are associated with China bubble
- NZ finmin English: NZ economy well placed to handle market volatility
- Fitch comments on New Zealand - macro-prudential tools a positive
- Japan - Nikkei putting in a decent bounce
- Japan chief cabinet secretary Suga: Yen levels within expectations
- Japan economy minister Amari: China stocks were a bubble, adjustment expected
- Japan finance minister Aso: Hopes Chinese authorities take appropriate action
- Australia - Conference Board Leading index (June) -0.2% (prior +0.2%)
- Australia - ANZ Roy Morgan weekly Consumer Confidence: 113.0 (vs. prior 113.2)
- Japan government official says recent FX moves appear to be rapid
- Australian Treasurer Hockey: No threat of global financial crisis
- Goldman Sachs have "Three Takeaways from the Global Market Selloff"
- Barclays Pushes Its Fed Liftoff Call To March 2016
- Fed's Lockhart Q&A: Says Federal Reserve will be data dependent
- Trade ideas thread for Tuesday 25 August 2015
- Fisher (ex-Dallas Fed): Markets today were quite orderly
- Canada - BoC's Poloz and PM Harper confirms discussion on market moves
It was D-Day in Asia today. Decouple Day, that is.
Chinese equity indexes opened A LOT lower today, but after an initial wobble regional equity markets started to climb. Currency moves started to reverse as well, some more than others. USD/JPY was on a tear, climbing strongly to record a gain of 150+ points from late NY levels.
EUR and CHF, too, lost ground with EUR/USD down more than 100 points, and USD/CHF up 75 odd at one stage.
AUD/USD gained 100 points from its lows, NZD too. USD/CAD wasn't to be the odd one out, but CAD's gain was not as strong. Oil (WTI) gained nearly a dollar.
The PBOC set the yuan reference rate a little weaker (for the yuan) again today. So far hints of a rate or RRR cut have been absent, so today's devaluation of the CNY, although small, may be indicative of more to come still.
As I update, regional equities:
- Shanghai Composite -4.3%
- Shenzen -5.9%
- ChiNext -6.5%
- Japan's Topix +0.6%
- HK +1.3%
- The Taiex +2.3%
- Kospi +1.4%
- ASX/S&P200 +2.1%
Gold had a $5 oir so range and is little net changed on the session
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