ForexLive Asia FX news wrap: Q3 GDP result shows Japan back in recession

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading Monday 17 November 2014

The Japanese Q3 GDP data release was the big, long-awaited event for Asia today … and the market response was not disappointing. The GDP came in at a shock negative (+2.2% was the ‘expected’ …. -1.6% was the result). USD/jpy immediately kicked on to hit above 117.00 …. but the jump was short-lived and the balance of the morning was spent selling USD/JPY and yen crosses, with the USD/JPY dropping 150+ points to hit just below 115.50 before showing some sort of a recovery (as I type).

The USD weakened (but not by anything near as much) against other currencies, too. EUR/USD and cable both gaining well (relative to what we normally see in this timezone) on the session. AUD and NZD gained from Friday’s closing levels along with the USD weakness.

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