Asian Forex Market Wrap Up

Economic Goings On

• UK Consumer confidence in March 41 Vs a forecast 45 and a previous of 43.
• UK NIESR GDP estimate comes in at -1.5%.
• Japans current account surplus better than expected at 1.1169T vs 1.0777T forecast. This is almost half of what Japan’s current account surplus was a year ago.
• Westpac Consumer Sentiment rises 8.3%.
• Australian Feb housing finance rises 0.4%, less than the 2.0% forecast with the previous result revised up to 4.3%.
• Japan Economy Watchers Report comes in at 28.4 Vs 20.9 forecast and 19.4 previously.
• Dallas Fed’s Fisher was stating the bleeding obvious in speaking today.
• For a complete list of the data so far and what to expect for the remainder of Wednesday please click here.

FX Market Goings On

• With the US equity markets lower overnight it is a case of Risk Off again in Asia today which has seen the JPY crosses sold off and the USD regain some lost ground. After the initial settling in period when London comes in expect to see a further sell off in the JPY crosses and the USD continue to claw back lost ground against the EURO, Cable and AUD.
• News that GM is preparing for bankruptcy will also be spooking the markets somewhat.
• The USD/JPY continues to flirt with levels below 100.00 and risks a move back to 94.00.
• EUR/JPY looks like it wants to continue lower with a test of 130.00 expected.
• Asian Session Ranges: EURUSD 1.3163/1.3283, USDJPY 99.86/100.09, GBPUSD 1.4660/1.4745, AUDUSD 0.7057/0.7128, USDCAD 1.2356/1.2441, EURJPY 131.68/133.79, EURGBP 0.8957/0.9012, AUDJPY 70.56/71.77.
• For those interested in the price action in the majors and EURO crosses during Asian trading i have included some short term charts for you.

Equity Market Goings On

• Asian equity indices lower again today with Alcoa’s poor result in the US overnight weighing on mining stocks throughout the region. Bankings stocks are also feeling the pressure today. The Nikkei is currently down just under 3%, the Hang Seng down over 4% and the Australian All Ords trying hard to make it to -3% for the day.