ForexLive Asia FX news: USD higher, yen loser

Author: Eamonn Sheridan | Category: News

Forex news for Asia trading Monday 13 February 2017



Friday ... ICYMI:

The USD was higher in the very early morning in Asia. USD/JPY carried on with this strength as the morning progressed, trading above 114.10 before running out of steam and back below 114.00 Yen crosses were dragged higher. The focus on politics continued with no comments out of the US about currency manipulation, Abe and Trump apparently playing an uneventful weekend round of golf. USD/JPY was helped along by rising UST yields.

Japanese GDP data showed a headline miss, but nevertheless a 4th consecutive positive quarter for GDP growth was welcomed, business investment and exports both up.

EUR lost a little ground against the stronger USD, as did the CHF. But, like GBP/USD little change on the session overall from late Friday US pricing.

AUD and NZD resisted the USD strength early but both lost what little early impetus they had to be little changed

The People's Bank of China was active in money markets today, injecting a total of 100bn yuan via open market operations, the first OMOS for 6 days. Despite the injection, with maturing contracts the net change was 90bn yuan drain. The CNY hit around a one-month low against the USD.

Industrial metals prices continued higher again today (see bullets above). Iron ore up more than 5%, coke coal up more than 5%

Gold, though, dribbled a little lower, as did oil before recovering the few cents it had lost to be little changed on the session.

Regional equities:

  • Nikkei +0.50%  
  • Shanghai +0.63%
  • HK +0.52%
  • ASX +0.66%

Still to come:

  • OPEC releases its monthly oil market report