ForexLive Asia FX news wrap: NZD surges on the jobs beat

Forex news for Asia trading Wednesday 1 November 2017

  • ANZ gold, the FOMC, AND speaks to US of the tax
  • Overview of today’s Federal Open Market Committee meeting (yes, MOAR!)
  • Bank of America / Merrill Lynch currency forecasting for the next 12 months
  • The 4 big risks in keeping with the Chief Officers Risk management in Chinese banks awake at night
  • The UBS gold — which will support it, which is going to weigh
  • Its FOMC day! Overview of the Federal Open Market Committee meeting.
  • More from Japan, finance minister Aso — yen is stable for the moment
  • China — private manufacturing PMI (October): 51.0 (expected 51.0)
  • House Committee Chairman Brady says will release the tax bill on Thursday
  • NZD update after the big beats in the report on employment in New Zealand
  • NZ Q3 unemployment rate of 4.6% (exp 4.7%)

Welcome to the kiwi show …. new!

The new zealand dollar jumped today to the kick-off of Asia and across the board beats on the Q3 employment report. The NZD/USD has jumped 50 points around 0.6890 before slowing down a bit, and then finally to a high court 0.6915 (your results may vary). In the following hours, there was little cost to the impact, the NZD/USD has slipped back a little to 0.6885 before once again, moving above 0.6910 but as I write not bearing on the other.

The USD/JPY has also acquired during the Asian morning, high above 113.90 around Tokyo fix and since it does very little, in fact, return to 113.80. There was some new passage on the progress of the U.S. tax negotiations, first securities, said the expected Wednesday announcement was delayed until Thursday. House Tax Committee chair Brady then said ‘Nope’ — the announcement will come on Wednesday as expected … and then in a few minutes, he backpedalled and admitted that yes, it would be delayed until Thursday. On the positive side, he said: «excellent progress» has been made. But he would do it, right?

Minor USD wiggles follow-up, but net, we had USD/JPY stable around its session high, and the weakening of the EUR/USD pretty much ever since. Its to 1.1630 as I update. The cable is down a few points, in line with the better tone to the USD and USD/CHF edged up a few points to address, but not quite, 1.

AUD/USD has had a small beach, but is higher on the session by a few points. A star! (relatively)

The data of the day (after the new zealand labour market report earlier) was the Caixin, the manufacturing PMI of China — it arrived as expected and unchanged on the month (see points above). The detail, however, is perhaps a little bit about for months to come.

Gold is down to a small size.

Also, I forgot to mention …. Japanese PM Abe is expected to order an additional budget to the Cabinet meeting today.

To come:

Today, the Federal Reserve

  • Overview of today’s Federal Open Market Committee meeting (yes, MOAR!)
  • Its FOMC day! Overview of the Federal Open Market Committee meeting.
  • Preview of the FOMC meeting

Tomorrow, it is the Bank of England

  • The bank of England meet on November 2 — overview (a once in a decade of hiking)

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