Forex trading headlines for Asia Friday 27 June 2014
- New Zealand May trade balance: 285m (expected 250m)
- Comments from RBA’s Kent and more here
- Japan fiscal 2013 tax revenue beats government estimate
- Japan National CPI y/y for May: 3.7% (expected 3.7%, prior was 3.4%) and the rest of the CPI data
- Japan Overall Household Spending y/y for May: -8.0% (expected -2.3%) – plus employment data
- Japan Retail Trade for May: +4.6% m/m (expected 2.9%)
- China – May industrial profits +8.9% y/y (prior +9.6%)
- Reserve Bank of New Zealand … “Statement of Intent”
- ANZ revises their forecast for the Australian dollar
- 5 reasons why the Federal Reserve’s excessively low rates may be harmful to the economy
There was a bit of significant movement during the Asian timezone today, with a new 12-month high for the NZD/USD and a new high for silver on its recent run up (to a 3-month high).
The NZD/USD got the ball rolling early, taking out the sellers around 0.8775/80 and gaining to just below 0.8800 on the release of the trade data (see bullets, above). It came back after that, though, dropping around 30 points and chopping in a tight range. As I write the Kiwi is seeing another bout of buying taking it back toward session highs but still not to the figure.
The AUD/USD gained in the mid-morning, but is still finding offers ahead of 0.9430 as I write. Nope, popped through now, but still sellers around.
The yen had a quiet start, barely responding at all to all the data today (see bullets, above). It finally started to gain, though, triggering some USD/JPY stops below 101.50 and taking EUR/JPY down below 138.20. There was only slow follow-through, though, but the 35+ point range on USD/JPY was welcome indeed in this timezone.
USD/CAD continued to fall, albeit not a huge amount, but enough to extend below overnight lows.
GBP, EUR and CHF all gained against the USD, although the range in all of them was not large.
