Forex trading headlines for Asia Thursday 7 August 2014
- Australia – AIG Performance of Construction index for July: 52.6 (prior 51.8)
- Japan Buying Foreign Bonds, Y 897.4B, and the rest of this data
- New Zealand – QV house prices for July: +7.6% y/y (prior was +8.0%)
- China news reports that the sum of local GDPs in the first half exceeded the national data by over CNY3 trillion
- Australia – July employment data: Employment Change July: -0.3K (vs. expected +13.2K) and more here and here
- Preview – European Central Bank announcement and Draghi press conference coming up in UK time
- Which central bank governor says he (there’s a clue) sees greater risks of 1930s style crash?
Lets get EUR, CHF, GBP and CAD out of the way early … all very quietly range-bound during the session … EUR/USD and Cable maybe a tiny tiny bit better bid, but nearly nothing in it.
The yen lost a small amount of ground, net up around 20 points against the USd and a similar amount against the EUR.
The action, though, was down in the southern hemisphere, with AUD the big mover. It was generally sideways during the local morning until the employment report for July was issued. From around 0.9350 it was marked down immediately to the figure. The headline result was bad, with a big jump in the unemployment rate. Sure, there was a very good number for the creation full-time jobs, but this didn’t seem to matter. Perhaps because other details were all so negative. Price action was horrible. There was no bounce, or even a sign of a bounce from around the figure and it soon slumped again, down another 20 points. NZD fell with the AUD, to a much smaller extent though.
The AUD is on its session lows as I write.
