- Australian August employment -27,000 Vs -12,500 expected
- Semi-official bids touted in USD/JPY at 91.60
- RBNZ leaves cash rate unchanged
- Market rumours suggests that IMF has been buying EUR/USD through BIS
- Gold steady at $993/oz
- Regional stockmarkets gain around 1% with exception of Shanghai which falls 1%
It has been another relatively quiet day in Asia with most of the majors trading in 30 pip ranges. The exceptions have been the NZD/USD and the AUD/USD. They have been a bit more volatile than the other majors after a central bank statement and poorer than expected employment figures respectively.
The NZD/USD fell sharply to .6910 after the RBNZ statement but buyers appeared from all angles, suggesting a market which is short. The rally stalled ahead of .7000 and has since stabilised.
The AUD/USD was trading around .8635 prior to the employment number release but dealers were already suggesting that the market was sitting long. This proved to be the case and AUD/USD fell sharply to .8580 after the number.
USD/JPY has traded around its NY closing level of 92.05 but retains a cautiously bearish tone. EUR/USD and cable have also been relatively quiet but dips have been shallow despite the lofty levels.
Ranges: EUR/USD 1.4544/81; USD/JPY 91.93/92.24; cable 1.6526/63; AUD/USD .8580/.8638; EUR/JPY 133.85/134.30.
Markets: Nikkei +1.5%; HK +1.6%; Shanghai -1%. Oil steady at $71/bbl.
