- China again says level of CNY not to blame for trade surplus
- RBA minutes from last meeting suggest further rate rises in store
- Regional stockmarkets fall by around 0.25%
- Japanese corporates continue with JPY repatriation ahead of end-of-financial-year
- European finance ministers deliver no new plan, but say are ready when needed
USD/JPY has drifted lower throughout the session under the weight of further corporate repatriations. The pair opened at 90.45, triggered stops below 90.15 and has traded a 89.99/90.49 range.
The AUD/USD slipped immediately after the RBA minutes but once again has shown the ability to bounce back quickly. The spectre of further rate rises will have more dip-buyers out in force. Range: .9120/53
EUR/USD has again been under-inspiring in a 1.3660/98 range. The lack of anything concrete from the EU finance minister meeting did not affect the market here in Asia. Heavy stops said to be building below 1.3530 but that’s a long way away based on today’s price action.
GBP has again been the weakest of the majors with speculation that some of the big M&A stories like the Prudential/AIG deal are to blame. Cable range, 1.5042/71, EUR/GBP .9070/.9100
Markets: Nikkei -0.2%, HK -0.3%, Kospi flat. Gold slightly higher at $1110/oz.
