The forex trading headlines for Asia trading today: Tuesday August 27, 2013.
A day nearly empty of data releases, but plenty of comments on the wires
- Rumours of the potential for military strikes into Syria kept markets on edge again today.
- China Industrial profits for July (ytd, y/y): 11.1% (vs. prior of +11.1%)
- US Treasury Secretary Lew said the US will reach debt limit by mid-October (here and more)
- CNBC reports that Larry Summers will likely be named chairman of the Federal Reserve in a few weeks
- PIMCO’s Robert Mead reported as saying housing can’t fill Australia growth hole
- Japan’s economy minister Amari said that no concrete instructions have been received from PM from Abe on corporate tax cut, echoed by Japan’s finance minister Aso
- China vice finance minister says he is confident of achieving 7.5% growth rate in 2013, and more
- Moody’s says Abenomics is still a work in progress, that structural and efficiency reforms are key
EUR/USD had a quiet session in a 15-odd point range, the gyrations in Asia were in other markets.
USD/JPY lost ground quietly but steadily ahead of the open on the Tokyo Stock Exchange. USD/JPY continued to lose ground after the open, but found support around 98.05 and as the session progressed USD/JPY managed a retrace move back toward 98.30/35.
AUD and NZD were sold off with USD/JPY, the AUD triggering stops under 0.9010 and dropping away to 0.8970 lows before finding some support. It tracked more or less sideways then, the NZD following a similar pattern.
GBP/USD ticked a little higher to 1.5585/90 before losing ground, too, down as low as 1.5562/65 before steadying.
