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Thursday September 12, 2013 - 05:11:35 GMT
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TradeTheNews.com Asian Market Update: RBNZ on hold but tips a rise in rates in H1; Soft Australia employment extinguishes AUD rally - Source TradeTheNews.com

Reserve Bank of New Zealand on hold but issues its most hawkish policy statement yet; Solidifies expectations of the start of tightening campaign in H1 of 2014 and also raises its 90-day bill interest rate projections by about 50bps relative to prior statement, sending NZD/USD to 3-week highs. - Bank of Korea also on hold at 2.50% in another unanimous decision; Upbeat statement foreshadowing revision in economic outlook next month and acknowledges domestic economy on recovery path; Still concerned over global risks and spillover from the start of the US QE taper. - Australia jobs figures disappoint with a 2nd consecutive double-digit drop in employment change; participation rate decline to multi-year low particularly telling of a peak in the resources sector. - Japan squashes press speculation that PM Abe has made up his mind on raising sales tax and would offer a fiscal stimulus to numb the impact. - China banks reportedly ordered to stop offering mortgages in top cities. ***Economic Data*** - (KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE UNCHANGED AT 2.50% (AS EXPECTED); fourth straight pause >- (NZ) RESERVE BANK OF NEW ZEALAND (RBNZ) LEAVES OFFICIAL CASH RATE UNCHANGED AT 2.50% (AS EXPECTED) - (AU) AUSTRALIA AUG EMPLOYMENT CHANGE: -10.8K V +10.0KE; UNEMPLOYMENT RATE: 5.8% V 5.8%E; Participation Rate: 65.0% v 65.2%e (lowest since Jan 2007) - (AU) AUSTRALIA SEPT CONSUMER INFLATION EXPECTATION: 1.5% V 2.3% PRIOR (multi-year low; Below RBA's 2-3% target range for the first time in 9 months) - (AU) AUSTRALIA JUL CREDIT CARD BALANCES: A$49.2B V A$49.9B PRIOR; CREDIT CARD PURCHASES: A$23.0B V A$20.3B PRIOR - (JP) JAPAN JUL MACHINE ORDERS M/M: 0.0% V 2.4%E; Y/Y: 6.5% V 7.7%E - (JP) JAPAN AUG TOKYO AVERAGE OFFICE VACANCIES: 8.2 V 8.3 PRIOR - (JP) Japan investors sold net 66.5B (4th consecutive week of net sales) in Foreign Bonds last week vs sold net 530.9B prior week; Foreign Investors bought net 185.4B in Japan stocks last week vs sold net 175.0B in prior week ***Fixed Income/Commodities/Currencies*** - USD/CNY: (CN) PBoC sets yuan mid point at 6.1575 v 6.1185 prior close (record high setting for yuan) - (CN) PBoC to inject CNY10B in 14-day reserve repos; Drains CNY1.1B this week (2nd consecutive drain) v drained CNY37B last week - (JP) Japan's MoF sells 2.47T in 0.3% 5-yr notes; Avg yield: 0.263% v 0.285% prior; Bid to cover: 3.30x vs 5.51x prior - NZD/USD rises about 70pips to 3-week high $0.8150 following a hawkish RBNZ policy statement. - AUD crashes about 100pips from the highs toward $0.9250 following disappointing employment data; AUD/JPY down about 120 pips around 92 handle; AUD/NZD jolted lower on combined AUD weakness and NZD strength, falling to 3-week low 1.1380 - down 170 pips. ***Speakers/Political/In the Papers*** - (JP) Japan PM Abe to raise sales tax in April 2014, as scheduled; Abe is also to announce a 5T stimulus measures in conjunction with the sales tax increase - Yomiuri press - (JP) Japan Chief Cabinet Sec Suga: Not true PM Abe has made a decision on sales tax increase; size of economic package yet to be decided - financial press - (JP) Japan plans to increase tax breaks for small and medium enterprises (SME) - Sankei News - (CN) Some China banks have temporarily halted issuing mortgage loans - Chinese press - (CN) China should expand property tax trial in short term - Chinese press - (CN) BofA/ML raises China 2013 GDP target to 7.7% from 7.6% prior; Reiterates 2014 GDP 7.6%; To be on alert for China's tight liquidity situation to return in late Sept - (CN) China state researcher: China's key risk is govt debt; Could amount to up to 50% of GDP v 38% in 2011 - Chinese press - (NZ) ASB Bank forecasts New Zealand Q2 GDP to contract 0.2% - financial press - (SY) Russia President Putin said military strike would unleash new wave of terrorism - NYTimes op/ed - (SA) Saudi Arabia Oil Minister Naimi: Market fundamentals are good; oil market is well balanced - OPEC Gen Sec El-Badri: OPEC watching oil market "very carefully" ***Equities*** Markets Snapshot (as of 03:00 GMT): - Nikkei225 -0.3%, S&P/ASX +0.3%, Kospi +0.4%, Shanghai Composite +0.1%, Hang Seng +0.3%, Sept S&P500 flat at 1,688, Dec gold -0.6% at $1,356, Oct crude oil flat at $107.56/brl US markets: - MW: Reports Q2 $1.01 adj v $1.15e, R$647.3M v $675Me; -14.2% afterhours - VRA: Reports Q2 $0.37 v $0.33e, R$125M v $125Me; lowers FY14 guidance; -8.6% afterhours - RCL: Increases dividend by 100% to $0.25; flat afterhours - QCOM: $5.0B Stock Repurchase Program; +1.1% afterhours Notable movers by sector: - Industrials: Mitsubishi Motors 7211.JP -7.3% (200B share offering), Kia Motors Corporation 000270.KR -1.3% (prelim wage agreement with union) - Technology: Sharp Corp 6753.JP -6.0% (press reports on possible share sale), Denso Corp 6902.JP -1.3% (investment plans) - Financials: China Vanke Co Ltd 000002.CN -1.5%, Poly Real Estate Group Co Ltd 600048.CN -1.5% (on China reports that some China banks temporarily halted issuance of mortgage loans) - Consumer discretionary: Myer Holdings Ltd MYR.AU -2.8% (weak FY13 results) - Energy: Inpex Corp 1605.JP +2.3% (Kashagan Oil Field production update); Showa Shell 5002.JP +0.7%, Petroleum Exploration 1662.JP +0.9% (Japan energy sector higher on oil prices) - Materials: Posco 005490.KR -2.4% (2.5M, KRW807B share sale) - Utilities: TEPCO 9501.JP -0.6% (high radiation sample at Fukushima turbine facility) - Source TradeTheNews.com

 

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Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

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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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15:00 US- Existing Homes Sales
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13:30 US- Weekly Jobless
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15:30 US- EIA Crude
19:00 US- FOMC Minutes
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  • POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias


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John M. Bland, MBA
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