- NZD rallies after RBNZ says statistical reporting could represent 10% understatement of actual GDP
- BOJ minutes released for January meeting
- BOJ Shirakawa: 1% inflation goal still a long way off
- Regional stockmarkets +1% on average
- Gold $1734/oz, Oil $102.50/bbl
The EUR has had a totally uninspired session, trading in a 10 pip range for most of the day. Reports of Sovereign sellers at 1.3160/70 dissuaded the bulls and the bears were disenchanted after the overnight rally. Ranges: 1.3120/46; EUR/JPY 103.40/104.00
The AUD was again the most active currency. It fell initially, after the RBNZ comments caused AUD/NZD to dip quite sharply. AUD/JPY buying in early Tokyo trade helped fuel the recovery and we had a sharp 35 pip gap higher at one stage after stops above 1.0780 were targeted and triggered. The market tried twice to trigger more stops above 1.0800 but failed. Ranges: 1.0741/98
USD/JPY moved higher under the weight of AUD/JPY buying but steady corporate offers between 79.10/20 slowed down momentum. Ranges: 78.77/79.17
Cable 1.5792/1.5818; EUR/CHF 1.2062/73