The forex trading headlines for Asia trading today: Thursday August 29, 2013
- Obama says he has not yet made a decision on Syria strike
- China’s foreign minister calls for all sides to remain calm and exercise restraint over Syria
- “U.S. intelligence officials say questions remain about whether the attack could be linked to Syrian President “
- Japan July retail trade y/y: -0.3% (vs. expected +0.1%)
- Japan July retail sales m/m: -1.8% (vs. expected -1.0%)
- Japan Buying Foreign Bonds Y -318.5 bn (previous week was Y -903.6bn)
- Japan Buying Foreign Stocks Y 9.6 bn (previous week was Y -3.0 bn)
- Foreign Buying Japan Bonds Y -862.0 bn (previous week was Y 38.7 bn)
- Foreign Buying Japan Stocks Y -89.5 bn (previous week was Y 48.1bn)
- New Zealand ANZ Business Confidence for August: 48.1 (vs. prior of 52.8)
- New Zealand ANZ Business Outlook for August: 43.3 (vs. prior 43.7)
- Australia Q2 Capex (Private Capital Expenditure): +4.0% q/q (vs. flat at 0.0% expected, and prior of -4.7%)
- The 3rd estimate for 2013/14 Capex spending higher at $A 159.2bn (more here)
- Australia: HIA (Housing Industry Association) new home sales dip in July after 5 months of gains
- BOJ board member Morimoto: Japan’s economy showing signs of positive cycle
- Japan’s New Komeito says sales tax increase should proceed as planned
- Brazil raised their benchmark rate by 50 basis points
Relatively small ranges across the board today.
NZD and AUD found buyers, NZD especially. Both were overall bid (but in a narrow range). There was an absence of fresh selling, which accounted for some of the rise. Economic data from NZ and Australia (see bullets, above) did not have a big impact on market movements. NZD/USD fell a little on lower Business Confidence, but as it remains at elevated levels the kiwi did not follow through lower on the initial drop.
USD/JPY found support early in Tokyo but encountered sellers ahead of 97.90, dropping 40-odd points.
EUR/USD had a small range, drifitng off to 1.3320/25 and retracing back to 35/40.
GBP/USD continued to find a bit of support after Carney’s speech yesterday, tickin back toward European/US highs, but again in a very small range. USD/CHF, too, drifted a little higher in the Tokyo morning to overnight highs and then lost 15 points . Very quiet.
