Light day for data/announcements in Asia:
- S&P lowered their rating on Greece, cutting sovereign long-term foreign currency rating from ‘CCC’ to ‘selective default’. S&P said they viewed the Greek goverment’s debt buyback to be a selective default; adding that when the buyback is complete (expected to be Dec. 17) the rating will be raised back to CCC (stay tuned for that headline…). The outlook remains negative.
- Sth Korean GDP (final) figures for Q3 were reported showing a disappointing +0.1% vs. +0.2% for the earlier numbers
- Big data event for today was the Australian Nov. Employment Report, which came in at +13,900 (vs. expectations for flat). More details on the report here.
- The AUD/USD jumped from a low of 1.0441 just before the announcement a quarter of a cent and then up to a high of 1.0481. The 75/85 level has been a huge level ever since the rate cut on Tuesday and today was no different; sellers stood fast, providing a top .
- The NZD/USD had a solid day after a big jump on the ‘no change’ rate decision from the RBNZ in late NY time.
- EUR/USD fell a little during the Asian session, continuing its trend from Europe and NY of weaker after the failed push through 1.3120 in Europe on Wednesday morning.
- The Yen continued its weak ways, as high as 82.62 in Tokyo.
