Here’s the headlines from Asia for 19 September 2017

Good morning all. If like me you’re just coming online, here’s what happened while we were in the land of nod.

  • RBA: Rise in AUD driven by fall In USD weighing on domestic growth and inflation
  • RBA Minutes: Further rise in AUD would result in slower pick-up in growth and inflation
  • RBA Minutes: Economy had grown below trend in 2016/17, recent data mostly positive
  • RBA Minutes: Judged steady policy consistent with growth and inflation targets
  • RBA Minutes: Need to balance risks of high household debt against low inflation
  • RBA: Clearer signs of Sydney housing pressures easing, less so Melbourne
  • RBA Minutes: Growth in China had been stronger than expected, high debt still a threat
  • Australia Q2 House Price Index 1.9pct q/q (est 1.3pct, prev 2.2pct)
  • Australia Q2 House Price Index 10.2pct y/y (est 9.2pct, prev 10.2pct)
  • BoJ Offers To Buy JPY 435 Bln Worth Of JGBs: JPY 410 Bln 5 – 10 Year. JPY 25 Bln Of Inflation Linked Bonds
  • Japan Fin min Aso: Would Have To Maintain Fiscal Discipline If Govt Changes Use Of Sales Tax Revenue
  • BoJ Current Account Balance JPY365.7Tln (prev JPY365Tln)
  • BoJ Banks Reserve Balance JPY326Tln (prev JPY325.9Tln)
  • New Zealand Q3 Westpac Consumer Confidence 112.4 (prev 113.4)
  • UK PM May Calls Special Brexit Cabinet Meeting Reports Times

AUDUSD had a little flip-flop around between 0.7930-60 on the minutes and has gained slowly since then to poke into the 90’s. A general sell off in the yen has helped underpin core pairs. EURUSD is testing 1.2000 from overnight lows down around 1.1920/25. GBPUSD pushing on 1.3550 from 1.3460. USDJPY came up just shy of 111.90 from around 111.35/40.

Ryan Littlestone

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