The forex trading headlines for Asia trading today: Wednesday September 04, 2013
- Australia Q2 GDP: +0.6% q/q (vs. expected +0.5%, prior was +0.6%)
- Australia Q2 GDP: +2.6% y/y (vs. expected +2.4%, prior was +2.5%) recap. More here
- China HSBC Services PMI for August 52.8 (vs. 51.3 prior)
- UK BRC Shop price index for August: -0.5% (prior was also -0.5%)
- Australian services PMI for August: falls to 39.0 (39.4 prior)
- Tokyo earthquake shakes buildings and more here
- Senators craft Syria compromise with 60-day deadline and possible 30-day extension for military strikes
- Chinese President Xi Jinping: China’s slower economic growth a conscious choice by the government
- Fonterra CEO Spierings: Says recall was the right thing to do
While there were no economic data points released from Japan today, there were plenty of economic headlines and news reports:
- Abe reportedly to announce tax hike decision Oct. 2
- Sankei reports that Abe is to announce his sales tax decision October 1
- Japan New Komeito party leader Yamaguchi: Possible to alleviate economic effects of sales tax
- Bank of Japan to consider further easing if sales tax hike goes ahead
- Kyodo news reports that Japan’s minimum wage to rise by an average of 15 yen
- Goldman Sachs economist revises Japan Q2 GDP estimate higher to +3.7% q/q
EUR, GBP and CHF all unmoved today.
USD/JPY traded higher toward 99.70 before settling quietly sideways. The earthquake that hit off the coast shook buildings for 30-odd seconds and saw USD/JPY drop down to 40/45, where buy orders were waiting. But it continued on quietly for the balance of the session.
AUD/USD continued its bid ways, with buyers against the USD, EUR and JPY helping it, but the big jump came on the Q2 GDP releases, AUD/USD through the earlier 60/65 resistance to above 0.9085 and then grinding through 0.9100. It didn’t carry on from there, but as of writing hasn’t fallen either.
NZD/USD had a quiet session in a tight range, until late in the day comments from Fonterra saw it drop 15-odd points quickly.
