KRW: USD/KRW Rebounds On Thursday Despite Better Equity Tones/Inflows
Spot won loss 0.43% in Thursday trade, with USD/KRW ending the session at 1395.3. This unwound Wedne...
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ASIA: Government Bond Issuance Today
- Bank of Korea to Sell KRW2.4tn 2-Year Bonds
- Vietnam To Sell VND 0.5Tln 2030 Bonds; (TD2530010)
- Vietnam To Sell VND 0.5Tln 2055 Bonds; (TD2555052)
- Vietnam To Sell VND 3.0Tln 2040 Bonds; (TD2540037)
- Vietnam To Sell VND 8.0Tln 2035 Bonds; (TD2535028)
- Thailand to Sell THB20bn of 2045 Bonds.
- Thailand to Sell THB30bn of 2028 Bonds
- Bank Indonesia to Sell 31D SUVBI Bills
- Bank Indonesia to Sell 94D SUVBI Bills
- Bank Indonesia to Sell 367D SUVBI Bills
- Bank Indonesia to Sell 185D SUVBI Bills
- Bank Indonesia to Sell 273D SUVBI Bills
- China to Sell CNY145bn 2026 Bonds
- India to Sell INR60bn of 182-Day Bills
- India to Sell INR50bn of 364-Day Bills
- India to Sell INR100bn of 91-Day Bills
BASIS: Coming Up in Asia Today
| 0200GMT | 0900HKT | 1100AEDT | Philippines Unemployment Rate JUNE |
| 0200GMT | 0900HKT | 1100AEDT | Philippines Agricultural Output YoY 2Q |
| 0305GMT | 0900HKT | 1205AEDT | Vietnam CPI YoY JULY |
| 0305GMT | 1005HKT | 1205AEDT | Vietnam Exports YoY JULY |
| 0305GMT | 1005HKT | 1205AEDT | Vietnam Imports YoY JULY |
| 0305GMT | 1005HKT | 1205AEDT | Vietnam Trade Balance JULY |
| 0305GMT | 1005HKT | 1205AEDT | Vietnam Industrial Production YoY JULY |
| 0305GMT | 1005HKT | 1205AEDT | Vietnam Retail Sales YoY JULY |
| 0430GMT | 1130HKT | 1330AEDT | Thailand CPI YoY JULY |
| 0430GMT | 1130HKT | 1330AEDT | Thailand CPI NSA MoM JULY |
| 0430GMT | 1130HKT | 1330AEDT | Thailand Core YoY JULY |
| 0530GMT | 1230HKT | 1430AEDT | India RBI Repurchase Rate |
| 0900GMT | 1600HKT | 1800AEDT | Taiwan CPI YoY JULY |
| 0900GMT | 1600HKT | 1800AEDT | Taiwan PPI YoY JULY |
| 0330GMT | 1600HKT | 1800AEDT | Taiwan CPI Core YoY JULY |
NZD: NZD/USD - Trades Heavy Around 0.5900, Eyes 0.5800/50 Support
The NZD/USD had a range overnight of 0.5882 - 0.5905, Asia is trading around 0.5895. US equities slipped lower as the ISM services pointed to potential stagflation, the USD tried to bounce but could not get any momentum and fell back to where it started the day. Risk has opened on the backfoot this morning, E-minis -0.15%, NQU5 -30%. NZD/USD bounced nicely off its 0.5850 support but I would suspect sellers could return on any bounce back toward 0.6000. With the seasonality for risk looking poor there is a chance it tests the pivotal 0.5800/50 area, a break of which would open up a move back to the 0.5500 lows.
- NEW ZEALAND: Labour Market Data Likely Deteriorated In Q2. It is expected to show that it weakened in the quarter after some signs of stabilisation in Q1. The unemployment rate is forecast to rise 0.2pp to 5.3% more than the RBNZ’s 5.2% May projection. If the data print is as weak as or weaker than the Bloomberg consensus, then a rate cut on August 20 is likely.
- (Bloomberg) -- Average price for whole milk powder rose to $4,012 from $3,928 at the previous auction, according to the GlobalDairyTrade website.GDT's weighted average price for all milk products was $4,249 a ton. The GDT price index change, which is a weighted average of the percentage changes in individual milk products between trading events, was an increase of 0.7%.
- “New Zealand house prices fell for a fourth straight month in July, dropping 0.2% from June amid sluggish growth and rising unemployment.”-BBG
- Options : Closest significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : 0.5970(NZD496m Aug 7), 0.5920(NZD483m Aug 11), 0.5930(NZD646m Aug 11). - BBG
- CFTC Data shows Asset Managers again reduced their newly built longs in NZD +3903(Last +5034), the Leveraged community reduced their shorts slightly -6250(Last -7328).
- Data/Event : Unemployment Rate
Fig 1: NZD/USD Spot Weekly Chart
Source: MNI - Market News/Bloomberg Finance L.P
