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19 May 2014
Asia Recap: Tight ranges to start the week
FXStreet (Bali) - The first session of the week left G10 currencies largely unchanged from Friday's NY close levels, with the Kiwi the best performer, all within a context of limited moves.
AUD/USD saw a session high of 0.9377 during inter-bank trading - some light stops went off was reported - , before lack of follow through took the rate back down towards 0.9355 session low. There was no economic event in the Australian calendar, with the RBA minutes the next risk headline for the Aussie, although most of the content is already known after the RBA quarterly monetary statement.
USD/JPY was kept in a limited 10 pips range between 101.45 and 101.55, with a flat Nikkei not providing any inspiration for JPY traders in the Asian pacific region. On the fundamental front, machine orders in Japan came surprisingly strong, surpassing by more than three time market expectations. The results would be great news for the BoJ on their view about the economic recovery, thus potentially delaying even further easing measures.
NZD/USD rose to a session high of 0.8650, where it found enough offers to cap the advance. The climb by the Kiwi was reportedly related to cross flows in the AUD/NZD, falling to 1.0820 from 1.0850. On the fundamental domain, NZ PSI rose to 58.9 from 58.3 prior.
Main headlines in Asia
China house prices fall to 11-month low
ECB’s Praet calls for a refi rate cut to 0.15% - Der Spiegel
Bernanke: Ultra-low rates in the US here to stay
New Zealand PSI rises to 58.9 from 58.3 prior
Japan: Machine orders go through the roof
United Kingdom Rightmove House Price Index (MoM) up to 3.6% in May from previous 2.6%
AUD/USD saw a session high of 0.9377 during inter-bank trading - some light stops went off was reported - , before lack of follow through took the rate back down towards 0.9355 session low. There was no economic event in the Australian calendar, with the RBA minutes the next risk headline for the Aussie, although most of the content is already known after the RBA quarterly monetary statement.
USD/JPY was kept in a limited 10 pips range between 101.45 and 101.55, with a flat Nikkei not providing any inspiration for JPY traders in the Asian pacific region. On the fundamental front, machine orders in Japan came surprisingly strong, surpassing by more than three time market expectations. The results would be great news for the BoJ on their view about the economic recovery, thus potentially delaying even further easing measures.
NZD/USD rose to a session high of 0.8650, where it found enough offers to cap the advance. The climb by the Kiwi was reportedly related to cross flows in the AUD/NZD, falling to 1.0820 from 1.0850. On the fundamental domain, NZ PSI rose to 58.9 from 58.3 prior.
Main headlines in Asia
China house prices fall to 11-month low
ECB’s Praet calls for a refi rate cut to 0.15% - Der Spiegel
Bernanke: Ultra-low rates in the US here to stay
New Zealand PSI rises to 58.9 from 58.3 prior
Japan: Machine orders go through the roof
United Kingdom Rightmove House Price Index (MoM) up to 3.6% in May from previous 2.6%