- Pianalto says economic recovery has been “frustratingly slow”, QE3 may give less stimulus than previous bond buying. Policy easing might help stabilize housing prices.-MNI
- Bullard says it would be “unmitigated disaster” for FED to target GDP. Says U.S. growth may be reduced for many years. Would have voted against QE3-MNI
- MNI China flash business sentiment indicator rose 2.77 to 50.31.
- China to start anti-dumping probe on Japan (and India) pyridine.
- Noda may refer to ‘Islands’ dispute in speech to U.N. Assembly. Tensions rising.
- Azumi says extra budget may be needed to support economy. There’s concerns about Japan’s exports. Says NO major trouble with China customs.
- China tightens import procedures for Japanese companies. Tensions still rising.
- Australia’s Treasurer says Europe, U.S. fiscal cliff are risk to global outlook.
- Also of note says “cranks and crazies” have taken over the U.S. Republican Party.
A typical Friday night in Asia with the dollar giving back some its strength from the day before. EUR/USD 20 pip range with a high of 1.2982 and a low of 1.2961 needs no explanation. Ditto USD/JPY with 78.37 high and low 78.17 despite continued tension over the ‘Islands’. AUD/USD and NZD/USD looking firm trading at/near session highs of 1.0470 and 0.8305 respectively.Earlier support/resistance levels remain intact and untouched.
Have a good weekend all.