- Fed’s loose policies fail to take other’s into account and create liquidity risks for emerging economies: PBOC
- Australian retail sales +0.2% MoM, +0.3% expected
- Japanese wages show first overall rise in 9 months
- UK small business sees recovery in sales and orders
- Nikkei -0.4%, other regional Bourses +0.5%, China closed again
- Gold $1680/oz; Oil $104.75/bbl
The USD has been soft across the board today with selling in pairs like USD/KRW and stop-loss hunts in USD/JPY setting the tone.
USD/JPY opened over 100 pips below yesterday’s Asian close and after a quiet start near 82.10, the market saw a sharp stop-loss driven sell-off just before the Tokyo open, which sent the pair 50 pips lower in 5 minutes before recovering. Ranges: 81.54/82.22
AUD/USD has moved slowly higher ahead of the RBA rate decision and has been up-and-down in a 30 pip range on a few occasions. The slightly lower-than-expected retail sales figures were more or less ignored, with traders focussed on the RBA. Pre-RBA range 1.0403/51
EUR/USD has been getting it’s lead from the Asian currencies with little in the way of EUR flow reported. Ranges: 1.3312/55
Cable 1.6017/46; EUR/CHF 1.2033/40
