The forex trading headlines for Asia trading today: Thursday September 26, 2013
- Japan: LDP’s Noda says Abe to announce economic measures on October 1
- Kyodo news: Japan stimulus steps to have pledge to study corporate tax cut
- Australia Job Vacancies June – August quarter +3.1% (vs. prior -7.3% q/q)
- Trichet: Says he trusts the FOMC made the correct decision
Another light news and economic data today in Asia, but that didn’t stop USD/JPY from putting on a show. It dropped below overnight lows early in the session but found buyers below 98.35. The headline reported from Kyodo news ignited Nikkei and USD/JPY buyers. It was not anything we haven’t heard a lot of recently, but today it resulted in aggressive buying that pushed USD/JPY 80 points higher over 45 minutes, topping out just above 99.00. There were also rumours that the Chairman of Japan’s Public Pension Council is due to give a conference at 18:00 Tokyo time.
Elsewhere, moves were restrained; EUR, CHF and GBP had tight ranges with no news or catalysts (obviously against the yen there were moves).
AUD and NZD had relatively tight ranges, too, but there was a little activity as both came off 20 points as the USD/JPY surged. Once the yen move was complete, though, both bounced back to the day’s mid-point.
