- Australian economy adds 22,400 jobs (10k expected) and unemployment rate drops to 5,2% from 5.3%
- Nothing surprising in latest BOJ minutes
- Bank of Korea keeps interest rates on hold
- China’s trade surplus drops as exports fall
- Stockmarkets +1% on average, Gold $1680/oz
Very quiet session apart from some volatility in the Aussie after some stronger than expected jobs data.
AUD/USD opened at 1.0160 and drifted lower into the Tokyo open as Japanese traders sold AUD/JPY following the big overnight rally. The strong jobs data saw AUD/USD rally almost 100 pips to 1.0230 but technical resistance at that level encouraged profit takers. The lower than expected China trade surplus then encouraged more AUD selling, sending it back to mid-range. Ranges: 1.0126/1.0230
EUR/USD has had a quiet 25 pip range. EUR/JPY selling weighed early in the session but solid bids in the interbank market just below 1.3770 have proven to be strong enough all day. Sell orders are noted at 1.3820/25, just ahead of technical resistance at 1.3830/40. Range: 1.3768/93, EUR/JPY 106.09/55
USD/JPY has been slightly more active than yesterday in a 30 pip range, with no sign of any intervention noise from either the FinMin or the BOJ, despite the overnight rumours. Ranges: 77.00/30
Cable: 1.5727/58, USD/CHF .8943/83
