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NZD/USD climbed yesterday to highs not seen since early February but gave back all gains prior to the end of the New York session, and to the surprise of many finished down on the day.
In the absence of any New Zealand-specific data or news, the rapid rise and sudden decline in the kiwi can only be explained by technical factors, namely the major resistance zone between 0.7350 and 0.7375 – an area which encompasses January and February’s highs. View article >
“Hedge funds are selling yen this week, and positive comments from Yellen could give them an excuse to sell even more,” said Kaneo Ogino of FX research group Global-Info Co yesterday.
Ogino’s comments came at the end of yesterday’s New York session which ended with the yen trading at ¥111.84 against the dollar, marking a 0.6% fall on the day and a one-month low in the Japanese currency. View article >
The Philippine peso jumped against the US dollar on Friday, forming a strong reversal signal away from the 50.50 level which has kept the USD/PHP exchange rate contained since February. USD/PHP had opened at 50.38 on the week’s final day but fell in each of the Asia, Europe and US sessions to end the week at 50.10.
In producing a reversal candle which opened virtually on its highs and closed on its lows, the USD/PHP rate should now have sufficient downward momentum to move back towards the lower boundary of its current trading range. View article >
In an interview with CNBC journalists on Thursday, Beat Wittmann of Porta Advisors – a man with more than 30 years of investment experience, including time spent at UBS, Credit Suisse and Julius Baer – expressed his belief that the British pound is set for further significant falls over the coming year as a result of an “erosion of consumer and investment confidence” in the UK, caused in large part by political, economic and overall Brexit-related uncertainty. View article >
To the glee of those holding Australian currency or AUD denominated assets, in recent weeks the Australian dollar has reversed its second-quarter trend.
Having fallen almost 5.5% between late March and mid-May, largely because of a tumble in the price of Australia’s largest export, iron ore, the AUD/USD exchange rate has spent much of the last month rallying. In fact, as of writing a little before 5am GMT on Friday, with the exchange rate for AUD/USD at 0.755, the pair has clawed back roughly half of the aforementioned loss. View article >
“We have to warn our people about the dangerous situation of the property market,” said Hong Kong’s Financial Secretary, Paul Chan, today.
In an interview with Bloomberg’s Haslinda Amin, Chan expressed concern about a potential housing market correction in Hong Kong, which is currently the world’s most expensive city for property. In 2016, Hong Kong stood atop Knight Frank’s Prime International Residential Index with USD 1 million buying a home averaging just 20.6 square metres. View article >
A rally in the US dollar prompted by moderately hawkish Fed speakers pushed emerging market Asian currencies such as the Thai baht, Philippine peso and Malaysian ringgit lower on Tuesday. Asian currencies from developed economies but which nonetheless remain second tier and under the “emerging” umbrella, such as the Korean won and the Taiwan dollar, also declined.
Charles Evans, President of the Chicago Fed, said on Tuesday that US economic fundamentals are good and that he expects inflation to rise, although he did hint that the Fed could wait until December before raising interest rates again. View article >
The market received surprising trade data from Japan on Monday. What had been expected as a ¥43 billion trade surplus for the month of May was actually a deficit of ¥203 billion. April’s surplus had been ¥480 billion.
The data came as a surprise to many given that the Japanese economy had seemingly been picking up steam in recent months.
Japan’s currency, the yen, is considered the FX world’s premier safe haven in part because of the country’s consistent ability to run a trade surplus – a feature which was most evident between the mid-1980s and 2008 and which makes Japan stand out from other developed economies such as the US, UK and Euro area. View article >
On Monday, US ratings agency Moody’s cut its credit ratings on Australia’s four largest banks by one notch to Aa2 from Aa1. The banks – Westpac, ANZ, Commonwealth Bank and National Australia Bank – retain their “investment grade” status but are no longer top-rated by the agency.
Less well known, smaller banks that were downgraded include Bendigo and Adelaide Bank and Credit Union Australia. View article >
Having been one of Asia’s worst performing currencies for some time, the Malaysian ringgit has turned a corner recently; a small corner, but a corner nonetheless.
The ringgit is now clearly trending upwards against the US dollar, albeit on low volatility, and is up nearly 6% since lows in mid-November. One ringgit now buys more than $0.233 and MYR/USD remains close to its seven-month high, posted last week. View article >