The forex trading headlines for Asia trading today: Tuesday August 13, 2013
- Nikkei reports that Japanese PM Abe is considering a corporate tax cut
- Japan Machine orders for June: -2.7% m/m (vs. -7% expected)
- Japan Machine orders for June: 4.9% y/y (vs. 2.6% expected)
- Bank of Japan July monetary policy meeting minutes released (link to full minutes)
- National Australia Bank Business Confidence for July: -3 (vs. prior of 0)
- National Australia Bank Business Conditions for July: -7 (vs. prior of -8)
- Australian Treasury sees economy growing 2.5% in 2013-14, from Treasury’s PEFO (Pre-election Economic and Fiscal outlook statement). Summary, link to full statement (PDF).
- UK: RICS House Price Balance for July 36% (vs. 24% forecast)
USD/JPY traded through 97.00 in late US/early Asian trade. After trading higher news hit the wires that Nikkei had a headline saying Japan was considering cutting the corporate tax rate (see bullets, above). USD/JPY topped out ahead of 97.50 and settled around 97.20.
AUD and NZD lost ground in the morning, continuing their drifts lower from the US session. Australian data today had little impact. AUD found support ahead of bids at 0.9100, while the kiwi found bids under 0.7975.
EUR and GBP drifted sideways to a fraction lower, both ticking higher over the Tokyo lunch time to gain 20-odd points from their lows.