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11 Jun 2014
Asia Recap: AUD, NZD keep bullish tone
FXStreet (Bali) - The AUD and NZD were the out-performers in Asia, with the EUR heaviness extending along Asian hours.
With regards to exchange rate variations, the AUD/USD rose the most, printing its highest at 0.9388 as more sellers throw in the towel as investors continue to seek the allure of high-yielding assets. Stop buy orders are rumored above 0.9420, which judging by the momentum seen this week, might be targeted once London comes online. An even stronger bullish picture was seen in the NZD/USD, which posted a new weekly high at 0.8552 ahead of Thursday's RBNZ rate call.
EUR/USD traded in a bearish tone throughout the far east journey, finding its lowest at 1.3521. Traders should be in a watchful position at the NY cut, as a 1.3525 strike rolls off today worth over 1.4bn euros notional, with additional ones, much larger, expiring on Thursday at 1.3600 with notional 4.6bn.
USD/JPY found barely no buying interest off 102.25 support, with yesterday's potential double bottom play failing to find follow through in Asia, leading the pair to trade within a 102.40-20 range. The Nikkei 225 is heading into the close around +0.25% higher, recovering some of Tuesday's losses.
On the fundamental domain, New Zealand May Electronic Card spending in the retail space came above expectation at +1.3% m/m vs +0.5%. Meanwhile, we also had a report from the World Bank cutting global growth outlook. In Japan, Domestic Corporate Goods Price Index (CGPI) m/m for May stood at +0.3%, slightly above the +0.1% exp. The Japan Quarterly Business Sentiment Index (BSI) saw a sharp decline to -13.9 vs +14.1 exp. Lastly, Westpac Consumer Confidence Index for June came at +0.2% m/m, much better than last month's.
Main headlines in Asia
New Zealand Electronic Card Retail Sales (YoY) above expectations (5.6%) in May: Actual (7.6%)
Japan BSI Large Manufacturing (QoQ) came in at -13.9 below forecasts (14.1) in 2Q
Jun 10, 23:50 GMTJapan Domestic Corporate Goods Price Index (YoY) registered at 4.4% above expectations (4.1%) in May
BOJ meetings likely non-events for JPY - Nomura
Australia Westpac Consumer Confidence up to 0.2% in June from previous -6.8%
With regards to exchange rate variations, the AUD/USD rose the most, printing its highest at 0.9388 as more sellers throw in the towel as investors continue to seek the allure of high-yielding assets. Stop buy orders are rumored above 0.9420, which judging by the momentum seen this week, might be targeted once London comes online. An even stronger bullish picture was seen in the NZD/USD, which posted a new weekly high at 0.8552 ahead of Thursday's RBNZ rate call.
EUR/USD traded in a bearish tone throughout the far east journey, finding its lowest at 1.3521. Traders should be in a watchful position at the NY cut, as a 1.3525 strike rolls off today worth over 1.4bn euros notional, with additional ones, much larger, expiring on Thursday at 1.3600 with notional 4.6bn.
USD/JPY found barely no buying interest off 102.25 support, with yesterday's potential double bottom play failing to find follow through in Asia, leading the pair to trade within a 102.40-20 range. The Nikkei 225 is heading into the close around +0.25% higher, recovering some of Tuesday's losses.
On the fundamental domain, New Zealand May Electronic Card spending in the retail space came above expectation at +1.3% m/m vs +0.5%. Meanwhile, we also had a report from the World Bank cutting global growth outlook. In Japan, Domestic Corporate Goods Price Index (CGPI) m/m for May stood at +0.3%, slightly above the +0.1% exp. The Japan Quarterly Business Sentiment Index (BSI) saw a sharp decline to -13.9 vs +14.1 exp. Lastly, Westpac Consumer Confidence Index for June came at +0.2% m/m, much better than last month's.
Main headlines in Asia
New Zealand Electronic Card Retail Sales (YoY) above expectations (5.6%) in May: Actual (7.6%)
Japan BSI Large Manufacturing (QoQ) came in at -13.9 below forecasts (14.1) in 2Q
Jun 10, 23:50 GMTJapan Domestic Corporate Goods Price Index (YoY) registered at 4.4% above expectations (4.1%) in May
BOJ meetings likely non-events for JPY - Nomura
Australia Westpac Consumer Confidence up to 0.2% in June from previous -6.8%