- Employment falls faster than expected in New Zealand
- Australian balance goods/services -AUD$1.85 billion
- Regional stock markets fall around 1%
- Gold falls slightly after another big move higher overnight
Foreign exchange markets were again very quiet in Asia, with early trade being affected by the poor NZ employment data and later moves following leads from regional stockmarkets.
Wall Street closed in positive territory but gave up most of its gains late in the session and Asia followed the late move. This had a flow on effect on JPY crosses which were led lower early by NZD/JPY and then continued to drift lower.
USD/JPY opened around 90.80 and has traded in a 50 pip range between 90.36/85. Interest has been very muted according to bank dealers.
EUR/USD has seen a 1.4824/82 range and EUR/JPY trade has been the dominant influence. Cable has slipped lower in sympathy with the EUR but again interest is said to have been extremely limited. The range has been 1.6500/67.
The AUD/USD failed to establish a foothold above .9100 despite latest trade figures showing an increase in economic activity. The NZD/USD fared worse than its bigger neighbour after much worse-than-expected trade data. It fell from .7270 to .7215 immediately after the number, recovered to .7250 but has since slipped to an intraday low at .7170.
Markets: Gold -$2 at $1089/oz; oil $-0.5 at $80/bbl. Nikkei -0.9%, Kospi -0.8%, HK -1.1%.
