- The Asian market consolidated overnight moves higher in the EUR crosses but was unable to generate any fresh momentum ahead of the ECB statement later tonight
- Regional stockmarkets followed overnight leads and added almost 2%
- Japan’s Q3 Capex stronger at +5%
- Australian retail sales disappoint at -1.1% QoQ against expectations closer to +0.3%
- Australian trade balance better than expected at $A2.6 billion
- China’s Gold imports +480% YoY
- Gold +0.3% at $1392/oz
It has been a relatively quiet session ahead of a major risk event later tonight with the ECB.
The AUD has again been the most volatile after some disappointing retail sales data with consumers obviously keeping their cash in pocket judging by the trade balance numbers. AUD/USD fell from .9665 to .9630 and has traded quietly since. Ranges: .9628/84.
EUR/USD has been primarily influenced by light profit taking in EUR/JPY after a big rally overnight. Ranges: EUR/USD 1.3089/1.3142, EUR/CHF 1.3155/78
USD/JPY was unable to gather any additional momentum this session and has drifted 10 pips lower in listless trade. Ranges: USD/JPY 84.05/21, EUR/JPY 110.07/66
Cable has been similarly without interest in a 1.5600/26 range and the cross has traded .8392/.8412.
Markets: Nikkei +1.75%, Shanghai +1.5%, Sydney +1.8%. Gold $1392.50/oz, Oil $86.50/bbl
