- UK’s Darling says not the time to cut spending.
- UK like- for- like retail sales falls 0.1% in August yr/yr, but overall retail sales show increase of 2.2%.
- UN wants new global currency to replace dollar.
- Japan’s finances set to change under DPJ.
- NZ Q2 building works falls 6.5%.
- Japan’s July current account surplus declines -19.4%.
- Japan Bank lending growth slows, +1.8% yr/yr in August.
- Japan M3 money supply rises 2% in August.
- Australia August business confidence rises to 6 year high in August.
- Gold trades up towards 998.00
- Asian Bourses choppy, Shanghai Composite up at midday, after being down 1.5% earlier.
Another slow day with traders focussing on movements in Asian equity markets for clues. Yen crosses retreated in Asia today after a bullish overnight session. EURJPY longs were trimmed, trading below 133.00 as the Shanghai Composite started the day in the red and USDJPY traded back to the 92.70 level. Reported buyers of EURJPY yesterday’s lows were noted, helping the cross trade back above 133.00 but flows and volumes were very light. Not much can be said about the EURUSD, it traded in a 20 pip range.
AUDUSD saw some selling via AUDJPY as the Shanghai index fell, but held in the 20’s as the Chinese Index reverse into positive territory. It was also helped to stay above 85c via the strong business confidence numbers, up at a 6 year high.
Ranges:
EURUSD 1.4326 – 1.4346
GBPUSD 1.6320 – 1.6363
USDJPY 92.70 – 93.08
EURJPY 132.85 – 133.47
AUDUSD 8526 – 8560
Goodluck,
Sam
