What has happened in the Far East overnight?

Posted Thursday, September 8, 2016 by
Skerdian Meta • 1 min read

Goodmorning fellow FXML followers. We´re starting the trading day now in the early hours of the European  trading session, while our Asian counterparts have started the day about 10 hours ago, when we were getting ready to hit the bed. So, they are quite ahead of us with the trading day having started about 11 hours ago. Let´s have a look what has happened during this time. 

At 12:01 UK time the RICS (Royal Institution of Chartered Surveyors) house price index jumped by 12% against 5% previously. This would be a good sign that Brexit is not affecting the UK house market if it was a survey carried out by Halifax or Nationwide (both banks) which have a much higher share in the housing market, but with RICS … 

There were some mixed economic data from Japan this morning; the surplus between imports and exports of goods and services (current account) missed the expectations but it´s still well into the positive territory. The GDP inflation missed the expectations as well, while the Japanese GDP itself beat the expectations, posting a 0.2% increase on the second quarter. That´s too little for many, but a lot for Japan which has been on and off in contraction.

The Chinese trade balance missed the expectation but still remains pretty good compared to developed nations, besides Germany and Japan. The miss in the Japanese and Chinese current accounts might have benefited the AUD and NZD since Australia and New Zealand are prime exporters of raw materials to these two countries. The AUD and NZD aer marginally higher this morning.

P.s. Get ready for the ECB at 11:45 and 12:30 today.  

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