Forex news for Asia trading Thursday 21 September, 2017
- BOJ announce no change in policy, as expected
- Heads up for New Zealand dollar traders - opinion poll due around 0600GMT
- New Zealand August credit card spending -0.7% m/m (prior +0.9%)
- JPY: Trading the BoJ - views From 10 major banks
- Comments from China's Commerce Ministry are not very subtle (about youknowwho)
- NZ goes to the polls this weekend. Oh yeah. so does Germany.
- Meanwhile it's a busy day at the RBA - here's the September quarter Bulletin
- Whaddaya get when you survey 45 economists on what to expect from the BOJ? Nothing!
- BOJ announcement due soon - previews
- PBOC sets USD/CNY central rate at 6.5867 (vs. yesterday at 6.5670)
- FX option expiries for Thursday 21 September 2017
- US Sec State Tillerson: US clearly has significant issues with Iran nuclear deal
- USD/JPY to new highs (compared with overnight)
- EU Mogherini says no discussion on changes to Iran nuclear deal
- Goldman Sachs sees $1 trillion in US tax cuts coming
- Ecuador's oil minister says he'll vote with the OPEC majority in November
- ... THIS is a forecast - Dow Jones Industrial Average to "over 1 million"
- New Zealand - Q2 GDP 0.8% q/q (expected 0.8%)
- Reuters poll of primary dealers - 15 expect December FOMC hike
- Iran meeting has begun at the UN (talks on nuclear deal)
- Goldman Sachs bottom line on the RBA: Rates likely to move higher over coming months
- German fin min monthly report: German economy to grow robustly in Q3
- AUD traders heads up - RBA Governor Lowe speaking at 0510GMT
- The implications for Japan's economy & BOJ if PM Abe decides to call an early election
- Trade ideas thread - Thursday 21 September 2017
- BOJ announcement due today - preview
- Bank of Japan September meeting concludes today - here is when to expect the announcement
We had some movement in the USD/JPY despite the market waiting for the Bank of Japan announcement. USD/JPY had traded up strongly in the US after the FOMC but had retraced a little from its highs by (very) early Asia time. There was some concern about the UN discussion with Iran on the nuclear deal which weighed on USD/JPY early. This didn't last though, it traded back up to its US high during the Tokyo morning and then a little higher.
The fresh highs more or less coincided with the UN announcing nothing had changed on Iran. USD/JPY did drift back a few points as US Sec of State Tillerson once again expressed US concerns, but movement was minor on the flaccid complaints.
Movement elsewhere was limited, a few points lower for EUR, AUD and NZD against the USD but the extent of the moves were small only. Cable too, little changed.
The Bank of Japan announced an as expected decision, no change at all to policy. The Bank raised its assessment for public investment and reiterated the Japanese economy recovers moderately (see bullets above for details). There was one dissent - and he wanted to do more, saying YCC is not enough to get the CPI to target (dunno how that could be a dissent, its what the data is showing isn't it?).
Still to come: