The forex trading headlines for Asia Wednesday 08 January 2014
- Australian Industry Group Construction PMI for December: 50.8 (vs. prior was 55.2)
- UK – BRC Shop Price Index for December: -0.8% (vs. -0.3% prior)
- New Zealand: Small business confidence soars
- Australia Job vacancies: -1.7% q/q (prior was +3.1%)
- Japan PM Abe says to prepare for a “Wage Surprise”
- Japan launches tax-free investment accounts to coax savers to put money into stocks, bonds, and other assets
USD/JPY edged its way higher throughout the session, helped along by strength in the Nikkei. Yen crosses, too, were bid.
Cable lost ground early in the session, but found support around 1.6380, and it recovered higher as GBP/JPY buying kicked in.
EUR/USD was very quiet and range-bound but followed a similar pattern to the cable, ticking a little lower then recovering as EUR/JPY was bought through the Europe/NY highs.
AUD/USD was very flat on the session, in a tight range, ticking slightly higher as of writing. The currency across the ditch (NZD for those unfamiliar with Aussie-Kiwi banter) followed a similar sort of pattern to the AUD, but slightly stronger on the session, reflected in AUD/NZD near its session lows as of typing, after rejection twice from 1.0775/80 on the day.