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Thursday November 21, 2013 - 06:35:54 GMT
Trade the News Staff - www.tradethenews.com/freetrial.asp?gv

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TradeTheNews.com Asian Market Update: China flash PMI slows to 3-month low; BOJ keeps policy and economic assessment unchanged - Source TradeTheNews.com

- USD bid higher while US treasuries sold off after Fed meeting minutes revealed the start of QE taper may still begin in anticipation of the improved outlook; Markets reprice possibility of a December move despite the dovish sentiment from Yellen and Bernanke in recent days. - PBoC conducted open market operations on 2 separate occasions this week - marks first weekly net liquidity injection in 5 weeks. - China Nov HSBC flash manufacturing PMI falls to 3-month low as New Orders component fall into contraction territory; Chief HSBC economist noting growth momentum has softened in November, while muted inflation allows Beijing to keep policy accommodative. - BOJ on hold with policy and also keeping economic assessment unchanged for the 3rd month as widely expected; Statement mentions "lackluster performance" in overseas economies but still sees exports as "picking up", disappointing some expectations of a more direct acknowledgement of risks to overseas shipments. ***Economic Data*** - (CN) CHINA NOV HSBC/MARKIT FLASH MANUFACTURING PMI: 50.4 V 50.8E (3-month low) >- (JP) BANK OF JAPAN (BOJ) POLICY STATEMENT: REITERATES TO INCREASE MONETARY BASE AT ANNUAL PACE OF 60-70T (AS EXPECTED) - (JP) JAPAN OCT SUPERMARKET SALES Y/Y: 0.5% V 0.4% PRIOR - (JP) Japan investors bought net 349.9B in foreign bonds last week vs bought net 357.1B in prior week (6th straight week of net purchases); Foreign Investors bought net 1.29T in Japan stocks v bought net 273.1B in prior week - (KR) SOUTH KOREA OCT DISCOUNT STORE SALES Y/Y: -6.4% V -5.3% PRIOR; DEPARTMENT STORE SALES Y/Y: -2.2% V +2.8% PRIOR - (AU) AUSTRALIA OCT RBA FX TRANSACTIONS (A$): 648M V 663M PRIOR - (NZ) NEW ZEALAND OCT CREDIT CARD SPENDING M/M: -0.8% v -0.1% PRIOR; y/y: 3.2% v 5.1% PRIOR (5-month low) - (NZ) NEW ZEALAND OCT ANZ JOB ADVERTISEMENTS: 4.5% V 1.3% PRIOR - (SG) SINGAPORE Q3 FINAL GDP Q/Q: +1.3% V -0.3%E; Y/Y: 5.8% V 5.3%E; Raises 2013 GDP forecast to 3.5-4.0% from 2.5-3.5% prior ***Fixed Income/Commodities/Currencies*** - (CN) PBoC to inject CNY33B in 14-day reverse repors; Injects net CNY59B this week (first injection in 5 weeks) v drained CNY15B prior - (CN) China MOF sells CNY2B in 5-yr RMB bonds at Hong Kong, avg yield 3.09%; CNY5B in 3-yr RMB bonds, avg yield 2.60% - USD/CNY: (CN) PBoC sets yuan mid point at 6.1366 v 6.1305 prior setting (weakest Yuan setting since Nov 10th) - GLD: SPDR Gold Trust ETF daily holdings fall 2.7 tonnes to 860.3 tonnes (lowest since Feb 2009) - USD/JPY hit 2 1/2 month highs at 100.50 as less dovish than expected Fed meeting minutes lifted the greenback across the board. AUD/USD was down about 40pips at session lows below $0.93 handle, with added AUD headwinds coming from disappointing China PMI. NZD/USD also saw its lows after the China data, falling over 30pips below $0.8240. EUR/USD largely consolidating the sharp decline in US session within a 25pip range, supported by 100day EMA around $1.3420. ***Speakers/Political/In the Papers*** - (CN) China Qinhuangdao coal price in China rises to CNY560-570/t, highest level since early Aug - Chinese press - (CN) China Fin Min Lou Jiwei: China to cut tax for property transactions while raise for possessing properties - People's Daily >- (CN) China Ministry of Housing and Urban Rural Development: China won't significantly change property curbs in short term - Chinese press - (CN) Former PBoC adviser Li Daokui: Chinese economy must experience "temporary pains"; China economic growth may slow down to 7% in the next 2-3 years - Chinese press - (JP) Japan Cabinet Office to keep its economic assessment unchanged for the 2nd consecutive month in its monthly November report - Nikkei News - (JP) Japan, China agree to increase economic cooperation - Japanese press - (KR) Bank of Korea (BOK) policy board member: Economic transition in China poses risks to South Korea's export growth - Korean press - (KR) Korea Center for International Finance (KCIF): South Korea CPI will likely accelerate in 2014 - Korean press - (KR) South Korea Fin Min Hyun: State-run companies' debt is a big concern to govt - (DE) German Finance Ministry releases monthly report: Supports govt 2013 GDP forecast of 0.5% - financial press - (EU) ECB's Noyer: Sees no signs of deflation in the euro zone - financial press - (CA) BOC Gov Poloz: Substantial stimulus in Canada still appropriate; Economic outlook roughly unchanged since Oct monetary policy report; BOC maintaining a neutral policy stance >- (US) Goldman Sachs Chief Economist: Fed minutes were for the most part neutral; reiterates March is the most likely start for tapering QE, but December is still an option ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 +1.5%, S&P/ASX -0.2%, Kospi -1.3%, Shanghai Composite -1.0%, Hang Seng -0.7%, Dec S&P500 -0.1% at 1,777, Dec gold -0.9% at $1,247, Dec crude oil flat at $93.35/brl US markets: - WSM: Reports Q3 $0.58 v $0.54e, R$1.05B v $1.03Be; +6.2% afterhours - GMCR: Reports Q4 $0.89 v $0.74e, R$1.05B v $964Me; GMCR: Board approves $1B buyback program (10% of market cap); initiates quarterly dividend of $0.25/shr; +4.6% afterhours - JCI: Announces 3-yr $3.65B (11% of market cap) share repurchase program; raises quarterly dividend by 16% to $0.22/shr from $0.19/shr; +4.2% afterhours - JACK: Reports Q4 $0.45 (adj) v $0.39e, R$338M v $336Me; +4.0% afterhours - RTN: Increases share repurchase authorization by $2.0B (7.3% of market cap); +0.8% afterhours - LTD: Reports Q3 $0.31 v $0.28e, R$2.17B v $2.17Be; -3.3% afterhours Notable movers by sector: - Consumer discretionary: Peak Sports Products Co Ltd 1968.HK -2.7% (Q2, Q3 guidance) - Industrials: Jiangsu WELLE Environmental Co Ltd 300190.CN -3.7% (FY13 guidance); Downer EDI DOW.AU -3.5% (analyst action); Honda Motor Co Ltd 7267.JP +3.2% (production plans); Daewoo Shipbuilding & Marine 042660.KR +0.4% (awarded order); Komatsu Ltd 6301.JP +1.6% (to begin rental business in North America; analyst action) - Materials: Paladin Energy Limited PDN.AU +0.5% (trading update); BHP Billiton Ltd BHP.AU -0.1% (AGM comments) - Financials: New China Life 601336.CN -3.6% (investment plans); Dexus Property Group DXS.AU -1.0% (provides update on acquisition); Ping An Insurance 601318.CN -2.9% (to issue convertible bonds) - Utilities: TEPCO 9501.JP -2.0% (closes two reactors); Taiyo Nippon Sanso Corp 4091.JP +1.8% (announces acquisition) - 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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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
All Day flash PMIs
13:30 CA- Retail Sales
Fri 24 Nov
All Day flash PMIs
09:00 DE- IFO Survey
US- Early Closes

Forex Trading Outlook


Potential Trading Opportunities


  • 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
  • POTENTIAL PRICE RISK: Medium Wed -- 15:30 GMT US- EIA Crude
  • POTENTIAL PRICE RISK: HIGH Wed -- 19:00 GMT US- FOMC Policy Minutes. Key policy release


John M. Bland, MBA
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