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USDJPY jumps sharply on the back of possible QE announcement
USDJPY has raced thru 87.00 ater the BOJ has called for an extra policy meeting at 0500GMT. Analysts say it could possibly be the start of a quantitative easing announcement.
EURJPY has followed, taking out the sellers at 130.00 and the stops above at 130.30 and 130.50. Shorts should continue to scramble into Europe. Next level is here at 131.00.
Asian Bourses turn negative
The Nikkei is currently down 1.1% after yesterday’s run up. Seems profit taking has also taken its toll on the ASX200 and the Kospi which were both positive earlier this morning but have just slipped into the red.
Shipping firms in Japan are lower as the freight index fell, as are exporters. Canon down 1.6% and Toyota down 1.5%. Mitsubishi UFJ Financial group was down over 1% after saying it wll raise $12.2 Bln by issuing new shares, in what would be the biggest ever share sale in Japan.
China November PMI unchanged at 55.2
China’s November purchasing managers’ index has come in at 55.2, unchanged from October. It’s the 9th straight month of expansion.
New export orders were down to 53.6 in November from 54.5 in October, as was employment, down to 51.1 in Nov from 52.4 in Oct.
USDJPY buying leading into fix, EURJPY follows
Some decent buying over the last 20 minutes leading into the Tokyo fix, has seen USDJPY off its 86.00 base and EURJPY testing the offers at 130.00. There are orders to buy USDJPY, from both retail and institution accounts, just around 86.00 on the day.
EURJPY made an attempt to take out the exporter offers at 130.00 and above, but the selling proved too strong. Some stops are reported above 130.30. Expect range 129 – 130.
Australia October building approvals -0.6% s/adj
Australian October building approvals have come in under expectations at -0.6%. Market forecast was for a rise of 1.8%.
AUDUSD pulls back from the highs.
AUD: Intraday views
The AUD is trading with a slightly bid tone to it this morning as we await the RBA decision. There is talk that its a done deal and that we will see 0.25% increase in rates in a few hours. However, the risk is to the downside if RBA leaves rates on hold. In any case, offers camped between 9200-9220 should cap any rise on the day. We also have Building approvals numbers in under 15 minutes which may just throw a spanner in the works.
There are some local buyers at 9150 and some buying of AUDJPY just under 79.00. Personally, Im a seller into a rally towards 9220.
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