ForexLive Asia FX news wrap: Gold the big mover
Forex news for Asia trading Monday 9 October 2017
- PBOC expected to issue medium term loans on Friday
- South Korean media report no immediate signs of North Korean provocations
- China - background on the twice a decade national congress
- China - (Sep.) Caixin Services PMI 50.6 (prior 52.7) & Composite 51.4 (prior 52.4)
- FX option expiries for Monday 9 October 2017
- PBOC sets USD/CNY mid-point today at 6.6493
- Fitch Ratings says China making progress reducing shadow banking
- UK spending data up in September m/m, still down y/y
- UK press reports inflation data understated - may pressure BOE to hike more rapidly
- Reuters on: Britain's May to consult business leaders on Brexit
- China press on Q4 inflation data
- German politics - Merkel coalition edges closer with migrant policy agreement
- Asian markets today - China back from holiday, Japan closed
- Goldman Sachs on Spain and Catalonia - financial ties may limit impacts of tension
- Barclays on the Japanese election
- MS on the EUR/USD - looking for 1.25
- AUD/USD "particularly vulnerable to any break of the 0.7690/00 area this week"
- Japan election - Abe intends to remain PM if LDP & Komeito retain majority
- Moves in Turkish Lira - Turkey suspends some US visa processing
- Brexit: 'No deal' planning is well under way, says minister
- Trade ideas thread - Monday 9 October 2017
- BoE's Cuncliffe on signs of a “bit of exuberance” in credit card and personal lending
- Weekend Spain, Catalonia update - declaration coming?
- ECB says it will won't set its roof on fire despite Fed - cites independent policy
- Oil - OPEC secretary-general says "some extraordinary measures may have to be taken"
- NZD lower to open the week - talks to form government ongoing
- German fin min Schaeuble warns of another global financial crisis
- Monday morning FX - foreign exchange prices, early indications: 9 October 2017
- Cable shorts were the best trade last week. What's next
- Nate rapidly weakens after making landfall
- Roof of the New York Fed catches fire
- Rosengren: Sees risks if the Fed fails to respond to very tight labor market
- First Party hold balance of power in final New Zealand election tally
- UK's Johnson urges Conservative party to "get behind" PM May
Gold followed its gains on Friday in the US with further gains here Monday in Asia. China returned from a week-long holiday and a name-calling spat between US President Trump and US Republican Senator Corker (something about White House Day Care and nuclear war ... go figure) were both cited as reasons.
Meanwhile over in FX land there was plenty of weekend news and politics:
- New Zealand
- UK (Brexit developments)
- Turkey (TRY a big mover early on)
See bullets above for more on all these. Forex rate movements were skittish in the early low liquidity environment, NZD lower most notable but movement elsewhere also. As the session progressed movement subdued to enter narrow ranges. Japanese markets were closed for a holiday today and while it's a holiday coming up in the US too major exchanges are open for business.
Over the session net movement has been small despite some wobbles. USD/JPY had hit under 112.35 at one stage but is back around 112.60 as I update. EUR/USD saw under 1.1720 but it too has come back to circa 1.1740 as I update. USD/CHF is little changed, as is AUD/USD. NZD/USD has maintained a little lower than its late Friday level. Cable is up a very few ticks circa 1.3085 after highs earlier above 1.31.