Forex - Asia Highlights - Wednesday 15th November


 07:02 (GMT) 15 Nov

  [Forex Highlights]

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Asia Highlights, Wednesday 15th November

North American Overview:

EUR/USD saw a move higher, supported by strong German GDP data and despite a strong US PPI. Oil came under some pressure, weighing on equities and the CAD but moves were moderate. USTs were resilient to the PPI with the long end lifted by flatteners.
News highlights:

- US Oct PPI +0.4% vs 0.1% exp, ex food and energy +0.4% vs 0.2% exp.
- Fed's Bullard said concerned Dec rate hike could drive inflation further below target.
- Fed's Bostic said gradual rate hikes appropriate over next couple of years.

Currencies:

Some more movement for FX traders to get involved with, EUR/USD pushing on eventually to see a high at 1.1805. USD/JPY eased from a high around 113.90 to a low at 113.30 as risk appetite slipped with equity markets again under pressure. Downside was limited by both the usual dip demand and the better bid EUR/JPY. GBP was hit by CPI falling short of expectation at 3.0% vs 3.1% consensus, though Cable fall-out limited to 1.3073 as EUR/USD picked up. EUR/GBP was seen as high as .8974, with only a modest correction, even with UK's Davis expressing some optimism on Brexit. SEK and NOK were both hit hard after Swedish CPI at 1.8% came in well below the 2% expected, USD/CAD had a run to 1.2770 after finding a break sub 1.27 but ended half way between the two as crude made a small recovery from a sharp sell-off. AUD/USD in familiar territory on the .76 handle, NZD making some modest inroads into recent losses.

Asia Highlights - Wednesday 15th November (0100-VGRY-C01)

Asia FX and News:

Japan Q3 GDP (Prelim) 1.4% q/q ann (Prev: 2.6R Mkt: 1.5 4CAST: 1.0)
Japan Sept. final industrial production falls 1% m/m.
Australia 3Q wage price index rises 0.5% q/q; est. 0.7% gain.
Australia Nov. consumer confidence falls 1.7% m/m to 99.7.
Revised Senate tax plan would make middle- class tax breaks, other provisions temporary in a bid to comply with Senate fiscal rules. - BBG
RBNZ Says New Zealand dollar is 11th most traded currency. - BBG
Oil extended declines to trade near $55/bbl as U.S. industry data showed crude stockpiles climbing. - BBG
Another quiet session in Asia after significant dollar weakness in NY, as EUR/USD consolidated near the overnight highs of 1.1805 albeit remaining mostly below 1.1800 handle. Japan prelim Q3 GDP had little impact on JPY, but a fall in AUD/JPY from 86.591 to 85.660 later saw USD/JPY drop to 113.03 from 113.50. AUD/USD slid from 0.7633 to 0.7576 as disappointing wage data dampened tightening expectations. NZD/USD was however resilient and traded around 0.6880 which saw AUD/NZD dip to 1.1011 from 1.1104.

Nikkei and JGBs:

N225 closed -1.57% at 22028.32.ikkei -1.24%, JGB 10yr yield at 0.046%.

To Be Released:
Data:
07:45 GMT - FR: CPI (Final) (Oct) % m/m (Mkt: 0.1 Prev: 0.1)
07:45 GMT - FR: CPI (Final) (Oct) % y/y (Mkt: 1.1 Prev: 1.1)
07:45 GMT - FR: HICP (Final) (Oct) % m/m (Mkt: 0.1 Prev: 0.1)
07:45 GMT - FR: HICP (Final) (Oct) % y/y (Mkt: 1.2 Prev: 1.2)
07:55 GMT - IS: 7-Day Deposit Rate % (Prev: 4.25)
09:00 GMT - SE: Industrial Capacity (Q3) % (Prev: 90.7)
09:30 GMT - UK: Claimant Count Change (Oct) 4cast: -2k (Prev: 1.7)
09:30 GMT - UK: Claimant Count Rate (Oct) 4cast: 2.3% (Prev: 2.3)
09:30 GMT - UK: ILO Unemployment Rate (Sep) 4cast: 4.3% (Mkt: 4.3 Prev: 4.3)
10:00 GMT - EU: Trade Balance (nsa) (Sep) EUR bn (Prev: 16.1)
10:00 GMT - EU: Trade Balance (sa) (Sep) EUR bn (Mkt: 21 Prev: 21.6)
13:00 GMT - BE: Trade Balance (Sep) EUR mn (Prev: -2322.4)
13:30 GMT - US: CPI (Oct) 4cast: 0.1% m/m (Mkt: 0.1 Prev: 0.5)
13:30 GMT - US: CPI (ex Food & Energy) (Oct) 4cast: 0.16% m/m (Mkt: 0.2 Prev: 0.1)
13:30 GMT - US: Empire State Survey (Nov) (Mkt: 25.5 Prev: 30.2)
13:30 GMT - US: Retail Sales (Oct) 4cast: -0.1% m/m (Mkt: 0 Prev: 1.6)
13:30 GMT - US: Retail Sales (ex Autos) (Oct) 4cast: 0.1% m/m (Mkt: 0.2 Prev: 1)
15:00 GMT - US: Business Inventories (Sep) % (Mkt: 0 Prev: 0.7)
21:00 GMT - US: Net Long-term TICS Flows (Sep) USD bn (Prev: 67.2)
Events & Auctions:
WLD: 5th Round of NAFTA Negotiations
07:00 GMT - AU: RBA's Ellis Speaks in Melbourne
07:00 GMT - IE: Irish Central Bank Governor Lane Speaks in Dublin
08:00 GMT - EU: ECB's Hansson Speaks in London
08:00 GMT - US: Fed's Evans Speaks in London
10:00 GMT - EU: ECB's Praet, BoE's Haldane, Denmark's Rohde Speak in Frankfurt
10:30 GMT - DE: 2027 Bond Auction (EUR 3bn)
10:30 GMT - PT: Bills Auction


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