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20 Nov 2014
Asia Recap: Fresh 7-year lows for the Yen
FXStreet (Bali) - Another Asian session, another fresh 7-year low for the Japanese Yen against the US Dollar, allowing the latter to be the best performer.
USD/JPY printed its highest at 118.48, with the big 120.00 target getting ever closer. After an early dip due to Gotobi offers at the Tokyo fix, buyers came back in earnest to lift prices up, as fear of missing yen bear moves exceeds any indications of oversold readings across all timeframes.
AUD/USD was pushed lower through 0.86 in a couples of occasions but no much follow through was noted. However, AUD technicals continue to look vulnerable to further downside ahead of Europe, with next target at 0.8550 eyed. NZD/USD mirrored AUD moves, with flows not punishing the Kiwi as severely as the Aussie, as 0.7820 bids capped the downside. EUR/USD and GBP/USD were buffeted in tight ranges, with last prices at 1.2445/50 and 1.5670/75 respectively.
Key headlines in Asia
New Zealand (QoQ) below expectations (0.3%) in 3Q: Actual (-1.5%)
New Zealand Producer Price Index - Output (QoQ) below expectations (0.2%) in 3Q: Actual (-1.1%)
Japan Adjusted Merchandise Trade Balance up to ¥-977.532B in October from previous ¥-1070.138B
Japan Merchandise Trade Balance Total came in at ¥-710B, above expectations (¥-1050B) in October
Japan Exports (YoY) came in at 9.6%, above forecasts (4.5%) in October
Japan Imports (YoY) came in at 2.7%, below expectations (3.4%) in October
Japan Foreign investment in Japan stocks down to ¥909.8B in November 14 from previous ¥1055.2B
MAS intervenes in Singaporean Dollar?
Australia RBA Foreign Exchange Transaction: 389M (October) vs previous 910M
Japan Nomura/ JMMA Manufacturing Purchasing Manager Index: 52.1 (November) vs previous 52.4
Flash China Manufacturing PMI in Nov at 6-month low
USD/JPY printed its highest at 118.48, with the big 120.00 target getting ever closer. After an early dip due to Gotobi offers at the Tokyo fix, buyers came back in earnest to lift prices up, as fear of missing yen bear moves exceeds any indications of oversold readings across all timeframes.
AUD/USD was pushed lower through 0.86 in a couples of occasions but no much follow through was noted. However, AUD technicals continue to look vulnerable to further downside ahead of Europe, with next target at 0.8550 eyed. NZD/USD mirrored AUD moves, with flows not punishing the Kiwi as severely as the Aussie, as 0.7820 bids capped the downside. EUR/USD and GBP/USD were buffeted in tight ranges, with last prices at 1.2445/50 and 1.5670/75 respectively.
Key headlines in Asia
New Zealand (QoQ) below expectations (0.3%) in 3Q: Actual (-1.5%)
New Zealand Producer Price Index - Output (QoQ) below expectations (0.2%) in 3Q: Actual (-1.1%)
Japan Adjusted Merchandise Trade Balance up to ¥-977.532B in October from previous ¥-1070.138B
Japan Merchandise Trade Balance Total came in at ¥-710B, above expectations (¥-1050B) in October
Japan Exports (YoY) came in at 9.6%, above forecasts (4.5%) in October
Japan Imports (YoY) came in at 2.7%, below expectations (3.4%) in October
Japan Foreign investment in Japan stocks down to ¥909.8B in November 14 from previous ¥1055.2B
MAS intervenes in Singaporean Dollar?
Australia RBA Foreign Exchange Transaction: 389M (October) vs previous 910M
Japan Nomura/ JMMA Manufacturing Purchasing Manager Index: 52.1 (November) vs previous 52.4
Flash China Manufacturing PMI in Nov at 6-month low