Forex - Asia Highlights - Thursday, 13 June 2019


 04:20 (GMT) 13 Jun

  [Forex Highlights]

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Asia Highlights - Thursday, 13 June 2019 (0101-LSWX-C01)

US Overview

Soft US CPI keeps market aggressive in Fed easing pricing, while tech stocks lead the equity wobbles, and oil takes a sharp hit on global demand concerns. GBP disappointed at Labour vote failure.

US Highlights:

- US May CPI 0.1%, Ex Food and Energy 0.1% (mkt 0.2%)

- UK's Labour losses Parliamentary motion (needed to table legislation on blocking no-deal) by 309 votes to 298

- US Roundtable CEO Confidence -5.7pts to 89.5, lowest since Q4 16.

- US Budget -$207.8bn vs mkt -$202.5bn.

- Trumps says considering sanctions to block Nord 2 pipeline between Germany and Russia.

Currencies:
USD little changed in Europe after initially trading a little softer. While there was an initial negative USD reaction to the CPI miss, it was quickly reversed and the USD was little changed on the day.
GBP initially saw general gains ahead of the Labour no-deal-blocking motion, but reversed to intra-day lows after the motion failed to pass. A poll in the Daily Telegraph suggested that the Conservatives might win a majority in Parliament in a General Election with Boris Johnson as leader.

Asia FX and News:
-Australia May U/e Rate Remains at 5.2% vs Est. 5.1%, 42.3 Jobs Added vs est. +16k, Participation Rate at 66.0% vs Est. 65.8%, and June Inflation Expectations at 3.3%
-Liu He Said China to Announce New Financial Opening Measures ~ BBG
-AUD fell on the soft jobs report. U/e rate did not fall as many had expected, but could be attributed to a surprise jump in participation rate, which was perhaps the only bright spot in the report. Employment change saw a huge beat on estimates but mainly driven by part-time hiring for the federal election, masking an otherwise soft hiring outlook.
-There was broad risk-off moves across markets, which obviously benefited the JPY, and to a lesser extent the CHF and EUR. Bonds rallied while regional equities and E-minis slid. Selling pressure on the AUD was reenergized, AUD/JPY reached the lowest since the flash-crash on a half-a-percent fall. AUD/USD and AUD/NZD remains heavy, approaching key levels at 0.69 and 1.05, respectively.

Data:

UK: RICS Housing Survey (May) -10% (Mkt: -21 Prev: -22R)

AU: Employment (May) 42.3 chg k (Mkt: 13.5 Prev: 43.1R)

AU: Unemployment (May) 5.2% (Mkt: 5.2 Prev: 5.2)

Still to Be Released -

Data:

04:30 GMT - JP: METI Tertiary activity index (Apr) % m/m (Mkt: 0.4 Prev: -0.4)

04:30 GMT - NL: HICP (May) % m/m (Prev: 1.1)

04:30 GMT - NL: HICP (May) % y/y (Mkt: 2.6 Prev: 3)

06:00 GMT - DE: CPI (May F) % m/m (Mkt: 0.2 Prev: 0.2)

06:00 GMT - DE: CPI (May F) % y/y (Mkt: 1.4 Prev: 1.4)

06:00 GMT - DE: HICP (May F) % m/m (Mkt: 0.3 Prev: 0.3)

06:00 GMT - DE: HICP (May F) % y/y (Mkt: 1.3 Prev: 1.3)

07:30 GMT - CH: SNB Sight Deposit Interest Rate (13-Jun) % (Mkt: -0.75 Prev: -0.75)

09:00 GMT - EU: Industrial production (Apr) % y/y (Mkt: -0.6 Prev: -0.6)

09:00 GMT - GR: Unemployment (Q1) % (Prev: 18.1)

10:00 GMT - IE: HICP (May) % m/m (Prev: 0.4)

10:00 GMT - IE: HICP (May) % y/y (Prev: 1.7)

12:30 GMT - CA: House Price Index (Apr) % m/m (Mkt: 0 Prev: 0)

12:30 GMT - US: Import Price Index (May) % m/m (Mkt: -0.3 Prev: 0.2)

12:30 GMT - US: Initial Claims (08-Jun) k (Mkt: 215 Prev: 218)

Events & Auctions:

03:30 GMT - JP: 2mth Bills Auction

03:35 GMT - JP: 30yr Bonds Auction

07:30 GMT - CH: Swiss National Bank monetary policy assessment

09:00 GMT - IE: Tap of IRISH 1.1 5/15/29 (EUR bn)

09:00 GMT - IT: Tap of BTP 1 7/15/22 (EUR 2.75bn)

09:00 GMT - IT: Tap of BTP 2.1 7/15/26 (EUR 2.25bn)

09:00 GMT - IT: Tap of BTP 3.35 3/1/35 (EUR 1.5bn)

15:30 GMT - US: 4wk Bills Auction (USD 40bn)

15:30 GMT - US: 8wk Bills Auction (USD 35bn)

17:00 GMT - US: 30yr Bonds Reopening (USD 16bn)


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