Forex news for Asia trading Tuesday 12 December 2017
- BlackRock on the Fed - expects 3 rate hikes in 2018
- Preview (#3) of the Federal Reserve FOMC December meeting
- More on the German data due today (preview)
- Not just UK data due today - German data also a focus Tuesday (ZEW preview)
- Outlook for the NZD into 2018
- BlackRock sees RBA on hold until Q4 of 2018
- Moody's say leverage in China to keep increasing, but at slower pace
- Outlook for the AUD into 2018
- Outlook for the yuan (CNY and CNH) in 2018 ... "flat" around 6.60
- UK inflation data (November) due today - quickie preview #2
- Dates set for China's yearly Central Economic Work Conference (Dec. 18-20)
- China - Audit finds some local govmts misstated fiscal revenues, borrowed illicitly
- PBOC sets USD/CNY reference rate for today at 6.6162 (vs. yesterday at 6.6152)
- More Australian data: Oct. credit card purchases AUD27.5bn & balances AUD51.2bn
- More Australian data - Q3 house prices -0.2% q/q (expected 0.5%)
- Australia data - Nov. business conditions 12 (prior 21) & confidence 6 (prior 8)
- UK inflation data (for November) due today - quickie preview
- Japan November PPI: 3.5% y/y (expected 3.3%)
- Australia politics - an opposition Senator has resigned from parliament
- How to value Bitcoin (and its "staggering, economically crippling deflation")
- China press on the yuan - has potential for long term appreciation
- China press: China monetary policy to be neutral with tight bias
- Australia weekly consumer confidence: 115.1 (prior 115.8)
- Preview of the Federal Reserve FOMC December meeting
- Trade ideas thread - Tuesday 12 December 2017
- Heads up for Australian business confidence data due today (preview)
- Bitcoin and the 'greater fool' response
- Meanwhile ... USD a little better bid as US mkts wind down for the day
- Major US stock indices close higher. S&P and Dow trade at record levels
- Canada fin min comments crossing - agreement on tax with provinces
- NZ data - ANZ's Truckometer (November) +1.1% m/m (prior +2.9%)
- Heads up for Australian consumer confidence data due today
The focus for the Asian morning was on data from Australia, specifically the business conditions and confidence results from the November National Australia Bank Business Survey. You may recall that the October survey produced a huge blowout result for conditions, to their highest ever at 21.
Perhaps November was hangover month, but whatever it was 'conditions' slumped, back to 12! While this appears to be very poor indeed (compared to October it is!) the result is still well ahead of the long term average (5) and was described as 'solid' and consistent with ongoing economic growth by ANZ analysis.
The Australian dollar was marked a few points lower on the data (oh, and house price data at the same time showed a q/q fall) but soon came back. AUD/USD is on its session high (just off) as I update. A small range day though. NZD/USD is higher on the session also, an outperformer indeed. CAD is little net changed against the USD.
Speaking of small ranges though ... everything else! EUR/USD slid to circa 1.1765, weighing on EUR crosses. USD/JPY was rejected from just above 113.55 for a circa 15 point range on the session. GBP and CHF - lacklustre ranges also.
Gold has managed to struggle a few dollars off its late US session low.
Still to come:
