Forex and Bitcoin news for Asia trading Thursday 30 August 2018
- Australia Q2 capex response: "broadly neutral … industry mix is arguably disappointing"
- More anomalies in Chinese economic data - NBS says its "cleaning up local data"
- Australian building approval data: "detail was consistently on the weak side"
- AUD capex data for Q2, headline: -2.5% (expected 0.6%)
- Australia building approvals for July: -5.2% m/m (expected -2.0%)
- PBOC sets USD/ CNY reference rate for today at 6.8113 (vs. yesterday at 6.8072)
- New Zealand ANZ business survey (August): Business confidence -50.3 (prior -44.9)
- US Admin says necessary to maintain tariff levels on aluminium
- Japan data - Retail sales for July: 0.1% m/m (expected +0.2%)
- More from Canada's Freeland - Nafta negotations 'intense'
- New Zealand building approvals (permits) for July: -10.3% m/m (prior -7.6%)
- A fresh round of cryptocurrency regulation is on its way from the European Union
- Trump on Nth Korea, China: 'relationship with Kim Jong Un is a very good and warm one'
- Trade ideas thread - Thursday 30 August 2018
- Canadian PM Trudeau is to brief leaders of provinces on Nafta talks Thursday
NZD and AUD both fell today on local data releases.
NZD was first. Business confidence (lack of) has been in focus, with recent efforts by the government to reflate it not yet kicking in (they've only just come on line). The ANZ Business Survey (for August) today recorded business confidence at its lowest in a decade, NZD/USD had been slightly weaker leading into the data release (earlier building permit data was soft also), from highs just under 0.6720 it had fallen to circa 0.6705. With the confidence data it was marked immediately lower, toward 0.6880 and over following minutes it set off a little lower still. As I update it is circa 0.6664 and close to its session low. …. nope, as I post its setting a fresh low for the session. NZD/JPY chart …
The Australian dollar was not quite so dramatic, but is lower also. Building approvals came in at a poor miss and confirmed their weakening trend. Q2 capex data also missed, the headline in at -2.5% against estimates centring on +0.6% (further details in the posts above). AUD/USD fell from above 0.7305 to circa 0.7280 and is around 0.7290 as I update.
Elsewhere, impactful news and data flow was light indeed.
USD/JPY is a touch lower on the session (dragging down AUD/JPY and NZD/JPY further). We get Tokyo area inflation data tomorrow, along with industrial production data.
EUR, CHF, GBP all little changed against the USD.
USD/CAD is a few tics higher, not much in it. Latest on Nafta is talks continue, with positive sounds being murmured but nothing definite yet.
Gold is down a few $ on the session.
Still to come:
- CAD GDP coming up (preview) - will be important for the BoC meeting Sep 5
- Forex options expiries for today a little thin
- Heads up for options expiries due on Friday
- We get Japanese inflation data Friday - preview of the Tokyo area CPI
- Heads up for China manufacturing PMI due on Friday - more preview
- China PMI data is due Friday - preview