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Thursday September 19, 2013 - 07:16:16 GMT
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TradeTheNews.com Asian Market Update: Fed Taper delay sparks broad gains in equities and metals, sinks US dollar - Source TradeTheNews.com

FOMC/Bernanke push back on market expectations for the start of taper; See risks to economy further diminish but want more evidence of recovery; Dow Industrials and S&P500 close at record highs, Gold Spikes up $50 above $1.360, USD hits multi-month lows. - Central bankers and analysts revisit the notion of "currency wars"; BOJ board member and ANZ analyst hint the Fed move may require fresh rounds of easing from BOJ and RBA - the other 2 G10 banks recently engaged in aggressive easing campaigns. - New Zealand Q2 GDP tops expectations; lifting NZD to multi-month highs against the greenback and AUD. - Japan merchandise trade remains in deficit, albeit smaller than expected; Longest streak of monthly deficits since the late 1970's; Exports to US, China, Europe all up double digits y/y. - Jim Chanos remains bearish Australia / China, reiterating view of excessive respective build-up in resources and credit. ***Economic Data*** - (AU) AUSTRALIA AUG RBA FX TRANSACTIONS (A$): 482M V 436M PRIOR - (NZ) NEW ZEALAND Q2 GDP Q/Q: 0.2% V 0.2%E; Y/Y: 2.5% V 2.3%E - (JP) JAPAN AUG MERCHANDISE TRADE BALANCE: -960B V -1.1TE; ADJUSTED MERCHANDISE TRADE BALANCE: -791B V -820BE - (HK) Hong Kong Monetary Authority (HKMA) keeps base rate unchanged at 0.5% ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy 400B in 5-10yr JGB and 200B in JGB with maturity over 10yrs from the market - USD/INR: INR currency (Rupee) up by nearly 3% in early trade around INR61.70 against the USD. - US dollar was down sharply in the immediate aftermath of the Fed decision to delay the taper, as EUR/USD rose over 150pips to 1.3540 (7-month high), USD/JPY rell 120pips below 97.80, and AUD/USD up 160pips above 0.9520. EUR and AUD largely consolidating gains, while USD/JPY reversed over half of its losses to 98.40, helped by risk-on sentiment in Tokyo equities. NZD is the outperformer, adding to its post-FOMC gains to reach $0.84 after strong GDP data - up nearly 200pips from the pre-FOMC lows. ***Speakers/Political/In the Papers*** - (AU) ANZ head of global market research: Latest Fed move may force RBA to ease further - financial press - (NZ) New Zealand Fin Min English: NZ maintains steady growth - (JP) BOJ's Kiuchi: Sees signs of declining effects of reversal of strong JPY on stocks, economy; also sees bigger downside risks to economy than upside; Chance BOJ forced to ease more under US Fed current policy - (JP) Japan PM Abe instructed Fin Min Aso to include two-stage cut in corporate tax rates if consumption tax increase proceeds in Apr 2014 as initially planned - Nikkei News - (JP) Japan govt considers lowering corporate tax rate; considers terminating special quake reconstruction tax on companies earlier than scheduled - financial press - (JP) Japan Coast Guard sighted two China vessels entering near the disputed island territories - financial press - (CN) Kynikos Associates' Jim Chanos: China's problem is in excessive credit, not economic growth - CNBC - (CN) World Bank president Jim Yong Kim: China govt's fiscal income should not rely on land sales - Chinese press - (SY) Syria's Assad: To destroy chemical weapons to comply with UN treaty; Confirms Syria has chemical weapons; Not placing conditions on destroying chemical weapons - financial press - (US) White House said to be calling Senate Democrats regarding Fed Chairman nomination, suggesting Pres Obama's decision may be close; aides said to be inquiring regarding Senate support for Yellen. ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 +1.3%, S&P/ASX +1.0%, Kospi closed, Shanghai Composite closed, Hang Seng +1.7%, Dec S&P500 +0.1% at 1,720, Dec gold +4.1% at $1,361, Oct crude oil +0.4% at $108.53/brl US markets: - ORCL: Reports Q1 $0.59 v $0.56e, R$8.37B v $8.47Be; guides Q2 Non-GAAP EPS $0.65-0.70 v $0.69e (constant currency, ex $0.01 FX headwind), non-GAAP Rev +1-4% y/y (constant currency, ex 2% FX headwind) v +3.4%e (implies $9.2-9.5B v $9.42Be); -3.0% in extended session after guidance - MCD: RAISES QUARTERLY DIVIDEND BY 5% TO $0.81/SHR FROM $0.77/SHR; -0.3% afterhours - MCBI: East West to acquire all outstanding shares for purchase price of approx $273M; 4% accretive to East West FY14 earnings; +24.4% afterhours - TSPT: Retrophin proposes acquisition of Transcept for $4.00/shr; +9.2% afterhours Notable movers by sector: - Consumer discretionary: OrotonGroup ORL.AU -5.6% (FY13 profits up 10%), Billabong BBG.AU +6.7% (refi deal, appoints new CEO), - Industrials: NRW Holdings Ltd NWH.AU +4.1% (awarded A$620M contract), Toyota Motor Corp 7203.JP +0.8% (to expand production), Daikin Industries 6367.JP +1.1% (raises FY13/14 guidance) - Materials: Jiangxi Copper Company Ltd 358.HK +4.5% (copper prices), Shin-Etsu Chemical Co Ltd 4063.JP +1.5% (to raise PVC prices); BHP Billiton Ltd BHP.AU +1.9%, Rio Tinto Ltd RIO.AU +3.1%, Newcrest Mining Ltd NCM.AU +7.6%, Sumitomo Metal Mining Co Ltd 5713.JP +7.6% (miners posted large gains as gold and copper prices rise following the Fed's no-taper decision) - Telecom: Nippon Telegraph & Telephone Corp 9432.JP +1.8% (investment plans) - Energy: Origin Energy ORG.AU +1.3% (gas deal with Esso, BHP) - Healthcare: Astellas Pharma Inc 4503.JP -0.6% (lowers FY14/15 profit target) - Financials: Bank of East Asia 23.HK -1.6% (expansion plans in Shanghai free trade zone) - Technology: Konami 9766.JP +9.2% (potential casino deal with Caesars) - 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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Amazing Trader EVENT RISK Calendar:


Tue 21 Nov
15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
13:30 US- Durable Goods
15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
19:00 US- FOMC Minutes
Thu 23 Nov
US/JP- Holiday
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13:30 CA- Retail Sales
Fri 24 Nov
All Day flash PMIs
09:00 DE- IFO Survey
US- Early Closes

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  • POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias


  • POTENTIAL PRICE RISK: HIGH Tue -- 13:30 GMT US- Existing Homes Sales. Top Housing Statistic

  • POTENTIAL PRICE RISK: HIGH Tue -- 23:30 GMT US- Yellen Speech. Early evening. Looking for anything on policy


  • POTENTIAL PRICE RISK: Medium Wed -- 13:30 GMT US- Weekly Jobless, Durable Goods
  • POTENTIAL PRICE RISK: Medium Wed -- 15:00 GMT US- final University of Michigan Survey
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  • POTENTIAL PRICE RISK: HIGH Wed -- 19:00 GMT US- FOMC Policy Minutes. Key policy release


John M. Bland, MBA
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