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Event calendar

26

AUD/USD extends Aus Capex-led gains above 0.7200 Dhwani Mehta

The bid tone around the AUD keeps growing bigger as we progress towards late-Asian trades, with AUD/USD trading firmly above 0.72 handle as markets continue to cheer optimistic Australian capex estimates.

AUD/USD: Looks to test 10-DMA at 0.7232

Currently, ...

07:23 26 May /2016 Forex

Singapore-Australia comprehensive strategic partnership improved - NAB Sandeep Kanihama

Tom Taylor, Head of Economics at NAB, notes that Australia and Singapore have further strengthened their already very close economic relationship with the May 2016 announcement of reforms to their main bilateral economic relationship.

Key Quotes

“We may eventually have no less than 5 separate free trade agreements covering Singapore trade.

Bilateral trade re...

07:23 26 May /2016 Forex

What the Greek deal does and does not do - BBH Sandeep Kanihama

Research Team at BBH, suggests that for investors, the most important thing about the successful review of Greece's implementation of last year's agreement is that it effectively removes it from the list of potential disruptive factors in the coming quarters.

Key Quotes

“Assuming Greece resolves a few outstanding issues in the next few days, it will be given roughly...

07:23 26 May /2016 Forex

USD/JPY bounces-off 50-DMA, back towards 110 handle Dhwani Mehta

The selling spiral seen in the USD/JPY in early Asia stalled near 50-DMA, and the major swung back higher as risk sentiment recovers amid stabilizing oil prices.

USD/JPY looks to regain 5-DMA at 109.82

The yen reverses its upward rally versus the American dollar in the mid-Asian trades...

07:00 26 May /2016 Forex

Gold rebounds in Asia on profit taking ahead of US data Dhwani Mehta

Having bottomed out near 1218 region in overnight trades, gold staged a solid comeback in the Asian trades on the back of profit-taking after the recent weakness.

Gold back above $ 1230

Currently, gold jumps +0.51% to 1231.45, retreating slightly from fresh session highs reached at ...

06:46 26 May /2016 Forex

Moody’s: China’s erosion of credit quality is likely over the medium term

The US ratings agency, Moody’s Investors Service, issued warnings in its latest review published on China, Reuters reports.

Key Headlines:

China's authorities have the tools to avert a financial crisis, but erosion of credit quality is likely over the medium term

Overarching role of the Chinese state mitigates the risk of a financial crisis<...

06:23 26 May /2016 Forex

Risk-off grips Asia, Nikkei pares gains on firmer Yen Dhwani Mehta

A renewed bout of risk-aversion appears to hit the Asian markets, with most major Asian indices turning into the negative territory. While the Japanese stocks rally was capped after the yen climbed on Japan’s Asakawa’s comments that intervention will say in the tool box

06:00 26 May /2016 Forex

NZD/USD rebounds towards 100-DMA on upbeat NZ budget forecasts

The NZD/USD pair quickly bounced-off a brief dip below 0.67 barrier and now extends recovery after NZ Govt budget forecasts for 2016/17 flipped to surplus and boosted the bids for the local currency.

NZD/USD eyes 100-DMA at 0.6739

Currently, the NZD/USD pair trades -0.2...

05:46 26 May /2016 Forex

NZ budget forecasts 2016/17 is for a surplus of NZ$719mln

New Zealand Budget has been released, with the government expecting to post a NZ$668 million surplus in the year to June 2016, after a prior forecast of NZ$401 million deficit in December.

Forecasts is for NZ$719 million surplus in the year to June 2017 (vs. prior forecast of a NZ$356 million surplus. Meanwhile, forecasts 2017-18 is for a budget surplus of NZ$2.46b.

New Zealand als...

05:23 26 May /2016 Forex

EU's Juncker - Would be better if Britain stays in EU Dhwani Mehta

Jean-Claude Juncker, the president of the European Commission, posted his comments on the Eurozone’s economic outlook as well as on the Brexit issue in the Asian morning this Thursday.

Key Quotes:

Would be better if Britain stays in EU

China steel overcapacity affecting all countries

EU economic growth figures confirm recovery is on ...

05:23 26 May /2016 Forex

AUD/USD drops and pops on improved Aus capex estimates Dhwani Mehta

The AUD/USD pair dropped sharply to fresh session lows following the release of mixed Australian private capital investment data, before recovering almost entire slide over the last minutes.

AUD/USD remains capped below 0.72 handle

Currently, the AUD/USD pair trades -0....

05:00 26 May /2016 Forex

Australia's CAPEX: Q1 2016 downbeat, estimates 16/17 up Ivan Delgado

Today's Q1 Australian capex (private capital expenditure) reading shows a capex of -5.2% q/q vs -3.5% expected and +1.8% last, revised upwards from +0.8%. Building capex was down 7.9% vs 3% expected, while plant/machinery was down 0.5% vs -2% expected. The 6th estimate for 2015/16 came in at $A126.8bn vs $124bn estimate and -17.8% y/y). Meanwhile estimate 2 for 2016/17 came in at $A89.2bn vs $82.6...

04:46 26 May /2016 Forex

Behind Yen move: Intervention will stay in toolbox - Asakawa

Bloomberg has re-run a story in which Masatsugu Asakawa, vice-minister of finance for international affairs, and senior official in charge of currency policy intervention, said that Yen intervention will stay in toolbox.

Algos may have picked up in the headline, interpreting that intervention will not happen any time soon, and that may have been what caused the aggressive USD/JPY flow.
...

04:00 26 May /2016 Forex

USD/JPY dumps half a yen in Tokyo, below 110.00 Ross J Burland

USD/JPY bears smashed the doors down in the Tokyo open, despite Asia opening on the coattails of a solid performance of overnight bourses and U.S. stocks.

USD/JPY dropped half a Yen on a progressive yet rapid plunge, falling below the 110.00 handle without any explanation at time of writing although what has come t...

04:00 26 May /2016 Forex

USD/CNY fix model: Projection at 6.5574 - Nomura Ivan Delgado

Nomura's model projects the fix to be 119 pips lower than the previous fix (6.5574 from 6.5693) and 46 pips lower than the previous official spot USD/CNY close of 6.5620. The basket implied change is 67 pips lower than the previous official spot USD/CNY close (6.5553 from 6.5620), Nomura adds.

04:00 26 May /2016 Forex

Big bid in Yen out of the blue in early Tokyo Ivan Delgado

A big bid out of the blue in the Japanese Yen has caught the market by surprise, with USD/JPY falling over 60 pips from 110.20 down towards 109.60 for no apparent reason, as newswires report no fundamental news.

Amid the absence of any news that may justify the move just seen, speculations are starting to arise that a possible fat-finger action may be behind the move, although that is some...

03:46 26 May /2016 Forex

AUD/USD remains in bear's territory before Capex event

AUD/USD is currently on the offer as we await Aussie Capex as the main event ahead.

Aussie capex preview: watch for weakness - Westpac

AUD/USD has been good two way business overnight resi...

03:23 26 May /2016 Forex

FX major's outlook: watching Brexit - ANZ Ross J Burland

Analysts at ANZ explained that has been the case for a few months now, EUR/USD remains sandwiched between competing forces – while higher US rates are weighing, fears of heightened volatility are containing losses.

Key Quotes:

"It will be make or break for the GBP – the Brexit vote is on23 Ju...

02:46 26 May /2016 Forex

Aussie capex preview: watch for weakness - Westpac Ross J Burland

Analysts at Westpac noted that Aussie Capex is up and offered a preview.

Key Quotes:

Due at 11:30am Syd/9:30am Sing/HK, the median for Australia’s actual Q1 capex is -3.5% (Westpac -4.0%). While building & structures should resume its slide, economists will focus on the equipment, plant & machinery component for GDP forecasts. Equipment spending, accounting ...

02:46 26 May /2016 Forex

GBP/USD: upward momentum still strong - FXStreet Ross J Burland

Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD pair kept rallying on Wednesday.

Key Quotes:

"... reaching a fresh 3-week high of 1.4728. The Sterling was underpinned by increasing evidence that the "remain" vote will likely end up winning the UK referendum."

"There were no relevant news in the UK, although this Thursday, the kingdom w...

01:46 26 May /2016 Forex