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ForexLive Asia FX news wrap: RBNZ confirms rate cut decision leaked

Forex news for Asia trading Thursday 14 April 2016

It looked like a day of waiting for the Aussie employment report but there was plenty of action in Asian currencies ahead of it.

The MAS (Monetary Authority of Singapore, the central bank) turfed its currency appreciation bias and the SGD fell hard, soon followed by the People's Bank of China piling on 300 points from the CNY's Wednesday's mid-point (i.e a devaluation of the yuan) at its daily 'fix'. South Korea's won was hit hard too ( more here ).

The Australian employment report beat expectations, but the details were not as strong as the headline (see bullets above) . The AUD was marked higher but came back to where it was prior to the release over the following minutes before stabilising and is now pretty much mid-range for the session.

NZD was smashed today, AUD/NZD buyers have been cited, but its been broad-based NZD selling sending NZD/USD down more than 80 points from early session highs. The Reserve Bank of New Zealand confirmed a leak of the March interest rate cut decision (a journalist in the 'lock-up' ), which didn't help.

USD/JPY ticked higher early in the session but didn't have much of a range today. Its since dipped back to be little changed overall. the Nikkei has had a cracker of a session, up more than 2.5% as I update.

EUR and CHf are little changed also, but cabole took a hit, slipping consistently lower to be off around 60 points from early levels. Gold, too, has been an underperformer, dwon more than $12 at one stage. Oil is lower on the day also, though not a lot in it.

Regional equities:

  • Nikkei +2.63%%
  • Shanghai +0.06%
  • HK +0.68%
  • ASX +1.03%

More:

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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