Asian key events taken place – Rabobank

FXStreet (Guatemala) – Analysts at Rabobank noted the events that have taken place in Asia overnight and this morning.

Key Quotes:

“In China the Shanghai index plunged 5.0% at the open but recovered to close down just 1.7% after what many suspected was further state-backed buying: how much longer can that really last? (i.e., it is both noise and signal.) The Wall St Journal quotes a lamenting former PBOC official today that “There is no Alan Greenspan or Mario Draghi in China.” (Although only history will judge whether that is actually a bad thing.)

This morning we also saw Japanese retail sales for June: they were -0.8% MoM and up just 0.9% YoY. That should be another clear signal to most observers – except the BOJ of course: they continue to believe that increasing inflation increases consumer demand, when all the evidence shows the causality flows the other way.”

Analysts at Rabobank noted the events that have taken place in Asia overnight and this morning.

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