Forex News
Asia Today: Soft China flash PMI data, but risk currencies steady
Currency markets quickly adopted a negative view on the outcome of yesterday’s EU summit and sent the EUR down to 2-year lows versus the US dollar. It appears the “new” plan is to continue the already-agreed 2020 growth plan and focus on investment, trade and implementing single market acts.
Asia today: No change from the BOJ sees JPY moderately higher
The Bank of Japan decided to keep interest rates unchanged and left the asset purchase fund unchanged at ¥40 tln and its credit lending programme at ¥30 tln. The Bank commented that caution was needed due to the uncertainty in global financial/capital markets and the European debt problem but the US economy’s moderate recovery and […]
Asian Trading Today: EUR clings onto higher levels; JPY selling
Asia found the EUR back higher at the open his morning after a few heart-stopping moments for newly-found bullish sentiment yesterday. Ranges were tight again in a session devoid of data inputs with flows dictating near-term direction.
G8 delivers words (and not much else) but EUR remains resilient
The anticipation ahead of the weekend G8 meeting failed to morph into something considerable by the start of trading this week, yet the EUR seems surprisingly resilient in Asia. Markets were anticipating some urgency into this weekend’s G8 meeting but the final statement left many issues hanging.
EUR struggling for support following Spanish bank downgrades
The EUR traded with a softer feel to it for most of the Asian session after Moody’s announced 1-3 notch ratings cuts for 16 Spanish banks as it noted the Spanish government’s ability to support some banks had weakened. Asian markets traded lower to match the New York session’s low at 1.2665 and consolidated thereafter.
Spain Auction Preview
Spain taps 3-year benchmark 4.00% July 2015 Bono and also off-the-run 3.25% Apr 2016 Bono & 4.40% Jan 2015 Obligacion issues Thursday for between E1.5bln-E2.5bln indicative size. The auction comes as Spanish yield spreads widened to fresh post ECB 3-year LTRO highs on ongoing Greek political jitters, speculation that Athens will have to exit the […]
Japan, Singapore post better Q1 GDP but risk appetite still shaky
Asian growth was the focus for markets this morning with Japan and Singapore both producing above-forecast results. However, the effect across the region was dampened by gloomy near-term outlooks and the ongoing Greek pressures.
BOE Inflation Report
BOE Inflation Report: * CPI Seen Around 1.6% In 2 Years; 1.8% In 3 Yrs * BOE Inflation Forecast Implies Scope For Further QE * Sees Rates At 0.6% In Q2 2013; 1.0% By Start 2015 * Growth Seen Subdued In Near Term, Then Gradual Recovery * But Eurozone Seen A ‘Significant Threat’ To Rceovery […]
The Bank of England Inflation Report
The Bank of England Quarterly Inflation Report is due at 0930GMT with Governor Mervyn King leading the usual press conference. The central forecasts in the Inflation Report are expected to be close to policy neutral, with analysts expecting the probability of inflation coming in above or below the 2.0% target being put at close to […]
Asian trading: EUR struggles at the bottom of the recent range
The EUR started the Asian session at the NY lows – and stayed there. There was not too much activity to report but risk and the associated currencies traded with a heavy bias with the USD index extending yesterday’s up-move with gains of 0.1 percent.
AUD dips following mildly dovish RBA minutes
The newly-released minutes of the last RBA meeting, where a surprise 50bp cut was delivered, was not a real market mover during today’s Asian session, as we have already seen the BA’s monetary policy statement in the meantime.
China CPI remains below target – IP, retail sales to come
The first batch of today’s Chinese data held no surprises for the market. CPI came in as expected at +3.4 percent y/y, slightly lower than March’s 3.6 percent. This is the third month in a row it has held below the government’s annual target of 4 percent but food prices continue to rise with food […]