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Asian FX market wrap: focus still on the EUR

By   || February 9, 2010 at 05:13 GMT
|| 2 comments || Add comment

It has been an extremely quiet trading session in Asia today with the upcoming Chinese New Year having traders in holiday mode already.

  • Trichet leaves Sydney 1 day early to attend ECB meeting
  • UK house prices rise in January but activity drops off
  • UK January retail sales worst in 15 years
  • Suggestions rise that EU might ‘teach speculators a lesson“
  • Professional market shows speculative short positions in EUR at record level suggesting hedge funds have increased their bets. Retail market looks to be evenly divided.
  • Asian stockmarkets fairly flat despite late Wall Street fall
  • Gold makes small gains

It is hard to put an interesting spin on what has been a very quiet session. The EUR was unsure what to do when reports emerged that JC Trichet had left Sydney 1 day early to attend an ECB meeting. Some saw it as a positive, the ECB was about to take some positive steps, others saw it as a negative, more panic meetings for the ECB. Movement was nevertheless confined to fairly tight ranges. The fact that regional stockmarkets have ignored the late fall on Wall Street and managed to finish fairly flat has helped the EUR amd EUR crosses to recover late in the session and finish on their highs. Ranges: EUR/USD 1.3644/94 and EUR/JPY 121.68/122.41.

The GBP was unaffected by conflicting economic data, strong house prices and weak retail sales figures. The market didn’t know what to do so it did nothing. Ranges: 1.5567/1.5618 in cable and .8757/71 in EUR/GBP.

AUD/USD fell to its session low of .8617 early in the day after the late fall on Wall Street but has since recovered as technical accounts continue to buy aead of the 200-day MA. Range: .8617/78.

USD/JPY range 89.17/50.

Markets: Nikkei -0.1%, HK +0.2%, Shanghai +0.2%, Kospi +0.5%. Gold +$2 at $1068/oz.

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Category: All, Asia, Wrap up
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2 Responses to “Asian FX market wrap: focus still on the EUR”

  1. Trading Nymph on February 9th, 2010 05:41 GMT

    I was just reading a really good article about how Gold sales in China weddings in 2010 may drop cuz it’s bad luck to marry in 2010…..http://www.china.org.cn/business/2010-02/09/content_19393973.htm

  2. Peter K on February 9th, 2010 06:15 GMT

    Oh my. Stiglitz advising the Greek government!
    What could possibly go wrong;)))))

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