What Traders Are Buzzing About in Asia This Morning

Hong Kong bank of China

Photo: Wikimedia Commons

A trader in Hong Kong sends us an update on what people are buzzing about in Asia this morning.————-

A lot of people squared up short AUD  (Aussie dollar)
think risk is for unchanged RBA (Reserve Bank of Australia) meeting …
reserving judgement … could reshort after retail sales tonight …

all eyeballs on IDR (Indonesian Rupiah).
BI (bank of Indonesia) starts meeting with local banks today … there’s USD supply shortage and IDR is the new canary in the coal mine

people flummoxed bout SPX rally … only thought is that Bernanke is targeting stock market, thus Bernanke put … at 4 pm asia yesterday Xinhua already said there’s no chance for china stimulus so spx rally on china stimulus story makes no sense

ECB rejecting Bankia’s ridiculous Spanish bail out idea is very bearish (Bank of Spain issues spain gov’t debt to Bankia in exchange for capital then Bankia then repos the bonds to ECB at par for straight cash homey) … Thus EURUSD under heavy pressure

 WSJ: Chinese banks back away from European lenders

Some of China’s biggest banks have cut off a handful of their European counterparts from borrowing and derivatives trading as they seek to reduce their exposure to the simmering crisis on the Continent, people familiar with the matter said.


SMH: BHP puts a six month hold on major project approvals:

BHP BILLITON will not approve any of its multi-billion dollar ”mega” projects within the next six months, according to its chief executive, Marius Kloppers.


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