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Tuesday July 2, 2013 - 08:48:17 GMT
Trade the News Staff - www.tradethenews.com/freetrial.asp?gv

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TradeTheNews.com Asian Market Update: RBA on hold but AUD falls as central bank retains easing bias, sees AUD at high level, and warns on protracted slump - Source TradeTheNews.com

- (AU) RESERVE BANK OF AUSTRALIA (RBA) LEAVES CASH TARGET RATE UNCHANGED AT 2.75%, AS EXPECTED - (JP) JAPAN JUN MONETARY BASE Y/Y: 36.0% V 31.6% PRIOR (record high rate of growth) - (JP) JAPAN MAY LABOR CASH EARNINGS Y/Y: 0.0% V 0.0% PRIOR - (NZ) NEW ZEALAND JUN ANZ COMMODITY PRICE: -3.7% V -1.6% PRIOR (2nd consecutive decline) - (TW) TAIWAN JUN MANUFACTURING PMI: 53.6 V 55.3 PRIOR ***Markets Snapshot (as of 04:00 GMT)*** - Nikkei225 +0.7% - S&P/ASX +1.5% - Kospi -0.1% - Shanghai Composite -0.4% - Hang Seng -0.5% - Sept S&P500 +0.1% at 1,609 - Aug gold +0.2% at $1,258/oz - Aug crude oil -0.1% at $97.85/brl ***Observations/Insights*** - US equities come off the highs late in the session as tensions in Egypt continue; Military reported to have given the presidency a 48-hr window to find a political solution; Morsi's office denies it will be held to a military ultimatum. >- Zynga spikes higher on confirmation of new CEO. - Moody's sees Cyprus debt exchange equivalent to a default. - Former PBoC official Li sees China Q2 GDP falling to 7.5% from 7.7%; China liquidity crunch continues to ease as 7-day repo falls to 4-week low below 5%. - Soft demand seen in Japan 10-yr JGB auction. - RBA on hold at 2.75%; Reiterates exchange rate remains high and may depreciate further; Adds Australia sub-trend GDP may persist as economy adjusts to lower levels of mining investment; S&P/ ASX extending gains above 2% after statement. - AUD/USD falls over 60pips below $0.9160 after the statement; Other USD majors in narrow ranges - EUR/USD below $1.3060, USD/JPY up slightly above 99.70. ***Fixed Income/Commodities/Currencies*** - JGB: (JP) Japan MoF sells 2.18T in 0.8% (0.8% prior) 10-yr notes; avg yield: 0.883% v 0.860% prior; bid to cover: 2.41x v 3.14x prior - GLD: Investor Dennis Gartman turns positive on gold; $1,600 by year-end would not be "farfetched" - CNBC interview - GLD: SPDR Gold Trust ETF daily holdings fall by 1.2 tons to 968.3 ton (lowest since 935.1 tons in Feb of 2009) - (CN) China PBOC will not drain, inject cash on Tuesday's session - financial press ***Speakers/Political/In the Papers*** - (CN) China Wenzhou banks' non-performing loan (NPL) ratio 3.90% by end of May at CNY27.8B v 3.92% m/m - Chinese press - (CN) China National Development and Reform Commission (NDRC) starts price monopoly investigation on foreign dairy companies - Chinese press - (CN) BoA cuts China Q2 GDP forecast to 7.6% from 7.7% prior - (CN) JPMorgan chief China economist: Biggest challenge for China economy is weakness in manufacturing sector - Shanghai Daily - (CN) According to Shanghai Deovolente Realty Co, Shanghai new home sales for June rose 22% m/m to 1.12M sqm - Shanghai Daily - (HK) Hong Kong Fin Secy Tsang: possible to implement more property curb measures - (SG) Barclays: Singapore loans match deposits for the first time since 1999 - (JP) Mayor of Japan's Osaka contends that the policies of Abenomics do not challenge entrenched interests and are thus "bound to fail" - Nikkei News - (JP) Japan govt issued a power conservation request running through Sept 30th; voluntary cuts on electricity use in effect from 9am to 8pm on weekdays - Nikkei News - (AU) According to NSW Minerals Council, as many as 29K jobs in Australia are at risk from region's mining sector project delays - AFR - (NZ) New Zealand PM Key: Govt prefers for RBNZ to use macro-prudential tools - (KR) Fitch: Korean banks may limit growth so as to build Basel III buffers - (KR) South Korea commerce minister: First stage of free trade talks with China may be finalized in Sept - Shanghai Daily - (ID) World Bank: Lowers Indonesia 2013 GDP forecast to 5.9% from 6.2% prior; forecasts 2013 CPI at 7.2%, 2014 at 6.7% - (PH) ANZ raises Philippine 2013 GDP forecast to 7.1% from 6.5%; 2014 GDP to 6.5% from 6.0% prior - (EG) Egypt President did not authorize earlier statement by military; rejects military ultimatum - financial press - (BR) Brazil Fin Min Rousseff: Fiscal control helping to contain inflation; to present referendum proposal to congress Tuesday - (BR) Brazil central bank revises rules on reserve requirements related to time deposits - financial press ***Equities*** - ZNGA: Confirms names Don Mattrick as new CEO; Founder Pincus remains as Chairman; +6% afterhours - GBX: Reports Q3 $0.50 v $0.53e, R$433.7M v $498Me; announces facilities reductions - MMS: Guides initial FY14 EPS $1.75-1.85 (adj diluted) v $3.77e (unclear if comp), Rev $1.56-1.65B v $1.5Be; +1.0% afterhours - NLSN: To replace Sprint Nextel in S&P500 after close of trading on Jul 8th; +3.7% afterhours - Hyundai Motor Co 005380.KR: Reports June vehicle sales 404.4k units, +8.2% y/y - Kia Motors 000270.KR: Reports June vehicle sales 237k units, +2.0% y/y - Asustek Computer 2357.TW: Board approves share repurchase plan for up to 10M shares (approx 1.3% of shares outstanding) - Taiwanese press - Nissan 7201.JP: Unveils new design for its Datsun model targetet at emerging markets - Nikkei News - Kirin 2503.JP: May report H1 op profit around 58B, +1% y/y; Rev seen rising 5% y/y to 1.05T - Nikkei News - BXB.AU: Plans to demerge recall as separate ASX listed firm - RIO: Still awaiting approval from Mongolian government to commence shipping from A$6B Oyu Tolgoi mine despite the reelection of Pres Tsakhia Elbegdorj - Australian press - QBE.AU: Provides H1 update: Premium rate increases in H1 in line with expectations at +5% overall; Affirms forecast for at least $250M in savings by 2015 - Source TradeTheNews.com

 

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Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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15:30 US- EIA Crude
19:00 US- FOMC Minutes
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