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9 Sep 2014
Asia Recap: USD continues its relentless rise
FXStreet (Bali) - Asian traders saw repeat of the dominant theme currently at play, that is, USD strength across the board, overwhelming all its rivals, with the Yen again the weakest currency.
USD/JPY posted a new 6-year high at 106.33, with bulls in complete control at present. AUD/USD tested bids as low as 0.9253. NZD/USD slipped towards the 0.8250 level. EUR/USD made new lows at 1.2866. GBP/USD broke support at 1.6080, reaching its lowest at 1.6064.
In terms of fundamentals, the latest Scottish independence poll results from TNS showed a 1% gap between yes (38%) and no (39%). In New Zealand, the August electronic card transactions retail came at +0.5% m/m vs +0.6% exp. In the UK, the British Retail Consortium (BRC) August retail sales stood at +1.3% vs +0.3% exp. In Japan, July's Tertiary Industry index was 0.0% m/m vs +0.2% exp with the minutes from Bank of Japan meeting on August 7 & 8 providing no surprises, as expected. Japanese finance minister Mr. Aso was quoted as saying that there was "no plan to submit extra stimulus budget in Autumn Diet, meanwhile, Japan economy minister Amari said that "appropriate FX level should be decided by market. In Australia, Australia Home Loans came in at 0.3% below forecasts (1%) in July, investment Lending for Homes increased to 6.8% in July from previous -0.3%, while the NAB business confidence for August came at 8 vs 11 last, with business conditions at 4 vs 8.
Main headlines in Asia
Abe adviser against further sales tax hikes
TNew Zealand Electronic Card Retail Sales (YoY) dipped from previous 5.1% to 4.1% in August
New Zealand Electronic Card Retail Sales (MoM): 0.5% (August) vs 0%
United Kingdom BRC Retail Sales Monitor - All (YoY) registered at 1.3% above expectations (0.5%) in August
Japan Money Supply M2+CD (YoY): 3% (August)
Japan Tertiary Industry Index (MoM) rose from previous -0.1% to 0% in July
BoJ minutes: QQE will continue as long as necessary
Australia Home Loans came in at 0.3% below forecasts (1%) in July
Australia Investment Lending for Homes increased to 6.8% in July from previous -0.3%
Australian business confidence/conditions ease in August
Fresh bout of USD demand in Asia
USD/JPY posted a new 6-year high at 106.33, with bulls in complete control at present. AUD/USD tested bids as low as 0.9253. NZD/USD slipped towards the 0.8250 level. EUR/USD made new lows at 1.2866. GBP/USD broke support at 1.6080, reaching its lowest at 1.6064.
In terms of fundamentals, the latest Scottish independence poll results from TNS showed a 1% gap between yes (38%) and no (39%). In New Zealand, the August electronic card transactions retail came at +0.5% m/m vs +0.6% exp. In the UK, the British Retail Consortium (BRC) August retail sales stood at +1.3% vs +0.3% exp. In Japan, July's Tertiary Industry index was 0.0% m/m vs +0.2% exp with the minutes from Bank of Japan meeting on August 7 & 8 providing no surprises, as expected. Japanese finance minister Mr. Aso was quoted as saying that there was "no plan to submit extra stimulus budget in Autumn Diet, meanwhile, Japan economy minister Amari said that "appropriate FX level should be decided by market. In Australia, Australia Home Loans came in at 0.3% below forecasts (1%) in July, investment Lending for Homes increased to 6.8% in July from previous -0.3%, while the NAB business confidence for August came at 8 vs 11 last, with business conditions at 4 vs 8.
Main headlines in Asia
Abe adviser against further sales tax hikes
TNew Zealand Electronic Card Retail Sales (YoY) dipped from previous 5.1% to 4.1% in August
New Zealand Electronic Card Retail Sales (MoM): 0.5% (August) vs 0%
United Kingdom BRC Retail Sales Monitor - All (YoY) registered at 1.3% above expectations (0.5%) in August
Japan Money Supply M2+CD (YoY): 3% (August)
Japan Tertiary Industry Index (MoM) rose from previous -0.1% to 0% in July
BoJ minutes: QQE will continue as long as necessary
Australia Home Loans came in at 0.3% below forecasts (1%) in July
Australia Investment Lending for Homes increased to 6.8% in July from previous -0.3%
Australian business confidence/conditions ease in August
Fresh bout of USD demand in Asia