Forex trading headlines for Asia Wednesday 10 September 2014
- Australia – Economic forecaster says RBA rates lever powerless to spur on non-mining sectors
- China yuan – “the strong trade balance and favourable global capital flow supports CNY CNH
- Japan July Machine Orders: 3.5% m/m (vs. expected 4.0%)
- Japan August PPI data: +3.9% y/y (vs. +4.1% expected)
- Goldman Sachs says downward pressure on iron ore price is to continue
- Australia – Westpac Consumer Confidence Index for September: -4.6% m/m (vs. prior was +3.8% )
- China Securities Journal: Faked export data still not expunged from national trade statistics
- Japan deputy economy minister: Weakening yen is good for the Japanese economy
- Brazil’s Vale President says iron ore price likely to rebound this year
- Japan economy minister Amari: Unsustainable to rely on debt for fiscal revenue
- Bank of Japan (BOJ) deputy governor Iwata: Japan’s economy is recovering moderately and more to come from him later (at 0500GMT)
Technical analysis:
- VIDEO TRADE: AUDUSD bounces off 200 day MA
- Video Trade: GBPUSD finds support against 100 week MA
- Technical Analysis: USDCHF rotates lower
- Technical Analysis: GBPUSD quietly trades around the 100 week MA
- Technical Analysis: Apple support levels (because it never goes higher)
- Technical Analysis: USDZAR breaks and trends higher
- Technical Analysis Update: AUDUSD corrects
- Technical Analysis: USDJPY trying to find a top?
- Technical Analysis: AUDUSD moves into the low floor area
- Technical trouble as the Australian dollar falls to lowest since May
- Technical Analysis: AUDJPY correcting lower
- Technical Analysis: EURUSD extends to new day highs in early NY trade
AUD/USD and AUD crosses lower on the session as the AUD/USD wobbled along a little above overnight lows and then sliced through. A number of factors playing a part, declining sentiment over the past few days (business and consumer sentiment yesterday and today confirming), continuing pressure on iron ore prices, overall USD strength over past days, and just plain old price continuation. AUD/USD found support ahead of buyers now around 0.9150/60.
USD/CAD had a good-size range (for it) in the timezone today, testing lower early in Tokyo before bouncing from just under 1.0960 back to earlier highs around 1.0980.
NZD/USD dipped toward overnight lows but stopped well short. Reminder, Reserve Bank of New Zealand monetary policy meeting coming up Thursday (announcement at 2100GMT) – no change is expected.
EUR/USD finished the Americas session just about on it day’s highs and headed off sideways into Asia, dipping 10-odd points. Cable, meanwhile, gained from early lows, pushing up toward 1.6140 before stabilising a fraction lower.
USD/JPY tested down toward 106.00, but couldn’t get quite there before bouncing 30+ points.