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ForexLive Asia FX news: Japan GDP beats

Forex news for Asia trading Monday 14 November 2016

Weekend:

A day of USD strength (a small amount mainly) across the board, with moves varying across currencies, of course.

USD/JPY was a big outperformer, nibbling away at the sellers ahead of 107 and then blasting through; stops above 107 contributing to the jump to top around 107.50. We got data out of Japan today (Q3 preliminary GDP) which showed beats in all but capex and the deflator. The GDP result was very solid (see bullets above) but inflation still well, well under target.

Data from China today, which was a bit more mixed. Not bad, but some misses on expectations taking the shine off. Meanwhile, the People's Bank of China set the USD/CNY mid-rate at a 7 year high (low for the yuan that is) (strong USD so hardly too surprising).

Other currencies were a little weaker against the USD also today, nothing too large. AUD, though, has been a better performer against the USD, its little changed from its Friday closing levels, while the NZD is hanging in there also (ps. Big earthquake in NZ on Monday morning, NZ time - (see bullets above.)

(Added - US 30-yrs hit their highest yield since January today)

Regional equities:

  • Nikkei +1.64%
  • Shanghai +0.35%
  • HK -1.17%
  • ASX -0.72%
  • Not equities, but iron ore futures in China higher again today, up 6+%

More (US politics):

  • US President-elect Donald Trump has appointed Reince Priebus, chairman of the Republican National Committee (RNC), as his chief of staff. Stephen Bannon, from the Breitbart News Network, will be Trump's chief strategist.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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