ForexLive Asia FX news wrap: EUR/USD extends a little higher

Author: Eamonn Sheridan | Category: News

Forex and Bitcoin news for Asia trading Friday 12 January 2018

Its nice to get a chance to write about euro moves in this time zone, I think this is a first for 2018! EUR/USD extended its gains as Asia got trade underway this morning, causing whiplash amongst many traders as it surged as much as 10 points above its overnight high. There was no fresh news nor data, the post-ECB minutes move just carrying on a tad higher in the morning.

The weaker USD was somewhat to blame, as EUR didn't fare quite so well on its crosses here; EUR/JPY, for example, managed above 134.00 but did not threaten its overnight high.

USD/JPY, meanwhile, was more range bound, 111.06/35 pretty much holding it.  

The Australian dollar had a pop above 0.7900, but that appeared to be something of a last gasp as it pretty much immediately started to give it back - some remarks on US steel import restrictions perhaps in the pipeline weighed somewhat:

Chinese trade balance data for December (and the figures for 2017 as a whole) came along without causing too much of a ripple - the numbers are in the bullets above. Just a note or two:

  • December imports dropped steeply and were a big miss - this was another negative for the AUD on the session
  • China's trade surplus with the US hit a record high in 2017, which should make for some interesting discussion at trade talks.
Early in the session New Zealand building permits data came in at a big bounce back from the prior. New Zealand dollar is little changed on the session. As is USD/CAD.
Gold gained a few dollars.