- NZ Trade Deficit NZ$ 186m in July
- NZ Business Confidence 16.4% in August vs July 27.90%
- BOE’s Bean: More easing may be necessary; Regulation, not monetary policy to ward off boom/bust
- Deficit Cost Declines Give Obama Stimulus Clinton Couldn’t Get, from Bloomberg
- Australia Q2 Company Gross Operating Profit +18.9% QoQ
- Australia: HIA July New Home Sales -7.00% MoM vs last -5.10% in June
- News from the BOJ saw disappointment for the market and no surprises
The opening in Asia saw the market trade higher from the US closes in expectation of news from the expected emergency BOJ meeting that took place this morning. The Nikkei in turn opened firm and at one point was up over 3.1% into lunch. Disappointment reigned as the minutes of the meeting were merely at the modest level of expectation – no change to overnight call rate @ 0.10%; increase in the fixed rate market funds from Yen 20 to 30 trn and up to 6mths maturity. The market had bought USD/JPY up to 85.91 and EUR/JPY 109.57 in anticipation and sold off immediately to where we close the session near the lows of the day.
Ranges EUR/USD 1.2735/70 EUR/JPY 108.72/109.57 USD/JPY 85.22/91 CABLE 1.5516/60 USD/CHF 1.0271/1.0309
AUD ranged 0.8983/0.9031 after taking out stops early to push over the 0.9000 with AUD/JPY 76.60/77.53 trading with the Tokyo news
GOLD 1235.60 and OIL (Light Crude – October) 75.19
