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12 Mar 2015

Thailand and Korea join the surprise rate cut wagon – Rabobank

FXStreet (Barcelona) - The Rabobank Team notes that Bank of Thailand and Bank of Korea joined the surprise rate cut theme, with both lowering rates by 25bp, taking the central banks rate cut tally to 24 this year.

Key Quotes

“Yet another central bank cut rates again yesterday (the 23rd this year), this time the Bank of Thailand making a 25bp reduction to 1.75%.”

“The move was unexpected given Thai rates had been kept on hold for the last seven months despite weak data, while the official view is that the outlook is brightening (though – as in many economies - some on the ground have a pointedly different view).”

“Given Thailand’s structural problems on many fronts, 25bp lower rates are no game changer; however, the effect on THB was in the right direction, USD/THB moving from 32.3 to 32.9.”

“The weakness of domestic demand (and hence narrower current account deficit) has made THB one of the best performing Asian currencies vs. USD since September 2014; after failing to kick-start a local recovery, it seems yet another country is now looking to boost exports instead.”

“….this morning the Bank of Korea also jumped in with another surprise 25bp cut to 1.75%, making it 24 central banks that have now cut this year.”
Mar 12, 2015

China’s weakening growth confirmed by activity data – Nomura

With Chinese Industrial production, Fixed asset investment and Retail sales growth lowering, Asian Economists at Nomura, lower their Q1 GDP growth forecast to 6.9%.
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Mar 12, 2015

Asia Recap: RBNZ neutral bias, no surprise in Aus jobs

The familiar USD strength theme continued to dominate in Asian hours, but this time lagging well behind the Kiwi, which found in a neutral RBNZ monetary policy outcome the perfect ally to appreciate across the board, with moves in the rest of the G10 FX complex fairly subdued, including the AUD, after an in-line Australian jobs report.
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