- Regional equity markets fall by over 1.5% on average
- Japan March trade balance JPY 950 billion
- IMF again calls for a stronger Yuan
When nothing happens in an Asian trading session, trade can be very slow, and that is exactly what happened today.
The fall in the Nikkei led JPY crosses lower early. Moodys cut Toyota’s rating and the general sentiment was again risk averse. AUD/JPY fell from 86.30 to 85.80 and that was the biggest move of any pair. USD/JPY is still weighed down by sell orders at 93.50. Ranges: USD/JPY 92.74/93.18; EUR/JPY 124.07/75; AUD/JPY 85.80/86.40
The AUD/USD triggered some trailing stops below .9250 when the AUD/JPY selling was at its peak but interest has again been very low. Range: .9247/84
Sterling has remained modestly well supported against the EUR and the AUD but again interest has been lacking with cable trading in a 30 pip range, 1.5401/30
EUR/USD has been similarly neglected in a 1.3374/97 range with only EUR/JPY providing any volatility.
Markets: Nikkei -1.5%, HK -0.7%, Kospi -0.9%. Gold steady at $1147/0z.
