Aditya Soni

Australian shares jump on rising chance of Fed cuts; NZ touches record

19 Jul 2019

July 19 Australian shares surged on Friday with gains across the board after comments from a top Federal Reserve official virtually confirmed there will be a U.S. rate cut late this month.

EM ASIA FX-Most Asian currencies tread water before U.S. data as Fed clues eyed

16 Jul 2019

* Trader positioning gingerly ahead of U.S. data - analyst * Philippine peso hits highest since Jan 2018 * Indian rupee weakens the most (Adds text, updates prices) By Aditya Soni July 16 Emerging Asian currencies largely held to the sidelines on Tuesday as investors were reluctant to make any big bets ahead of U.S. retail sales and a host of speeches from Federal Reserve officials later in the global day. Market focus is firmly on a widely-expected U.S. Federal Reserve rate cut later this month, with traders keenly assessing data from the world's largest economy to gauge the extent to which the Fed might be willing to ease monetary policy. "A very cautious start for risk assets this morning with trader positioning gingerly knowing that the rest of the week is potholed by Fed speakers and critical US data releases," Stephen Innes, managing partner at Vanguard Markets Pte Ltd said in a note. Fed Chairman Jerome Powell and Federal Reserve Governor Michelle Bowman will be among those making speeches later in the day. U.S. industrial production data is also due later, while the Fed will release its key Beige Book on U.S. economic conditions on Wednesday, which investors will study for insight on how trade tensions are affecting the business outlook. The Philippine peso firmed 0.1% to a near 1-1/2-year high, while South Korean won gained slightly. The Chinese yuan was 0.1% higher. Most Asian currencies had advanced in the previous session after monthly Chinese data showed signs that Beijing's stepped-up stimulus efforts might be helping to stabilize the world's second largest economy. The Indian rupee slipped 0.1% and was the top loser in the region. Data on Monday showed that India's imports declined to their lowest level in four months in June, down 9% from a year ago, indicating weakening consumption in Asia's third largest economy. The dismal figures added to worries that India's economy may have slowed further in April-June after growth slipped to a five-year low in the first quarter. Trading in Thailand was closed on account of a regional holiday. The following table shows rates for Asian currencies against the dollar at 0350 GMT. CURRENCIES VS U.S. DOLLAR Currency Latest bid Previous day Pct Move Japan yen 107.970 107.9 -0.06 Sing dlr 1.356 1.3559 +0.00 Taiwan dlr 31.023 31.052 +0.09 Korean won 1178.100 1179.3 +0.10 Peso 50.900 50.95 +0.10 Rupiah 13920.000 13915 -0.04 Rupee 68.575 68.54 -0.06 Ringgit 4.107 4.107 +0.00 Yuan 6.874 6.8775 +0.06 Change so far in 2019 Currency Latest bid End 2018 Pct Move Japan yen 107.970 109.56 +1.47 Sing dlr 1.356 1.3627 +0.50 Taiwan dlr 31.023 30.733 -0.93 Korean won 1178.100 1115.70 -5.30 Baht 30.890 32.55 +5.37 Peso 50.900 52.47 +3.08 Rupiah 13920.000 14375 +3.27 Rupee 68.575 69.77 +1.74 Ringgit 4.107 4.1300 +0.56 Yuan 6.874 6.8730 -0.01 (Reporting by Aditya Soni in Bengaluru Editing by Shri Navaratnam)

EM ASIA FX-Emerging Asian currencies gain on China data relief; rupiah outperforms

15 Jul 2019

* Upbeat china data boosts emerging Asian FX * Indonesian rupiah leads gains on President's investment pledge * Indian rupee, Philippine peso benefit from lower oil prices (Adds text, updates prices) By Aditya Soni July 15 Emerging Asian currencies got the week off to a firmer start on Monday, buoyed by encouraging Chinese economic data, while the Indonesian rupiah led the gains after the country's president pledged to open up investment opportunities. Second quarter gross domestic product data from China earlier in the day showed growth in the world's second-largest economy hit its weakest pace in at least 27 years, as demand at home and abroad cooled in the face of a bruising trade war with the United States. While the GDP numbers met expectations, both June industrial output and retail sales beat forecasts in a sign of some stabilisation thanks to stepped-up stimulus from Beijing. "That (data) shows that the policy stimulus is making its way into the economy and helped offset the damage from the trade war," Sim Moh Siong, forex strategist at Bank of Singapore said. "Overall, the China growth is bumpy, but not faltering and that is a relief for the rest of Asia,' he added. The yuan was slightly higher. The rupiah, the biggest mover in the region, strengthened to a more than five-month peak. The gains in the currency were underpinned by recently re-elected President Joko Widodo's promise of faster infrastructure development and more investment opportunities to create jobs and growth in Southeast Asia's biggest economy. "They are proposing opening up the foreign ownership and lowering corporate tax, they have also proposed changes to the strict labour laws, all these are positive indications that have helped the rupiah to strengthen," Sim said. The rupiah also seemed to shrug off a narrower-than-expected trade surplus in June. Currencies of major oil importers, the Indian rupee and Philippine peso, firmed 0.2% and 0.1% as they benefited from a decline in oil prices. The Malaysian ringgit was at its highest since April 15, while the Thai baht edged higher. The baht lost about 0.8% last week, its biggest weekly drop since March after the central bank clamped down on speculative foreign inflows to temper rapid gains in Asia's best performing currency this year. The following table shows rates for Asian currencies against the dollar at 0436 GMT. CURRENCIES VS U.S. DOLLAR Currency Latest bid Previous day Pct Move Japan yen 108.060 107.89 -0.16 Sing dlr 1.356 1.3577 +0.10 Taiwan dlr 31.043 31.081 +0.12 Korean won 1179.100 1179.2 +0.01 Baht 30.900 30.91 +0.03 Peso 51.050 51.12 +0.14 Rupiah 13930.000 13999 +0.50 Rupee 68.535 68.68 +0.21 Ringgit 4.106 4.111 +0.12 Yuan 6.876 6.8805 +0.07 Change so far in 2019 Currency Latest bid End 2018 Pct Move Japan yen 108.060 109.56 +1.39 Sing dlr 1.356 1.3627 +0.46 Taiwan dlr 31.043 30.733 -1.00 Korean won 1179.100 1115.70 -5.38 Baht 30.900 32.55 +5.34 Peso 51.050 52.47 +2.78 Rupiah 13930.000 14375 +3.19 Rupee 68.535 69.77 +1.80 Ringgit 4.106 4.1300 +0.58 Yuan 6.876 6.8730 -0.04 (Reporting by Aditya Soni in Bengaluru; Additional Reporting by Rashmi Ashok Editing by Shri Navaratnam)

Australian shares slip on miners as trade tensions rise; NZ drops

12 Jul 2019

July 12 Australian shares gave up ground on Friday, with China-sensitive mining stocks leading the losses after trade tensions between the world's two largest economies escalated overnight.

New Zealand watchdog sues Westpac arm over failure to disclose credit card terms

11 Jul 2019

New Zealand's commerce commission has sued Westpac's local arm for not revealing key terms to thousands of credit card clients, in the latest sign of heightened regulatory scrutiny for Australian banks operating across the Tasman Sea.

Australian shares higher after Powell boosts rate cut bets; NZ up

11 Jul 2019

July 11 Australian shares ticked up on Thursday as investors took heart from higher odds for a U.S. rate cut this month, but gains were limited by weak banks facing tougher capital requirements and a crackdown on insurance products.

Australia shares climb, financials lead as Powell remarks eyed; NZ up

10 Jul 2019

July 10 Australian shares advanced on Wednesday as financials gained after S&P upgraded its outlook for the "Big Four" banks, while energy stocks firmed thanks to buoyant oil prices.

Australian shares lower on banks after capital requirements; NZ falls

09 Jul 2019

July 9 Australian shares slipped on Tuesday as banks fell on new capital requirements for the sector, outpacing miners buoyed by a positive outlook for iron ore prices.

Aussie shares end lower on dampened U.S. rate cut hopes; NZ flat

08 Jul 2019

* Investors shift focus to Fed chairman's testimony (Updates to close)

Australian shares see biggest intraday fall in 5 weeks

08 Jul 2019

July 8 Australian shares saw their worst session in five weeks on Monday as strong U.S. jobs data tempered expectations for a Federal Reserve rate cut later this month.

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