13 Jan 2015
Asia Recap: Impressive late USD demand
FXStreet (Bali) - While the Asian session appeared to shape up as one dominated by Yen strength, a strong recovery by the Nikkei 225, with traders returning from a long weekend, ultimately leading to impressive late USD demand.
USD/JPY traded very heavily, with stop loss sell orders being triggered below 118.20, with more stops going off below 118.00, setting a new 4-week low at 117.74 before a startling bounce towards 118.70 session highs. In Japan, Japan's BoP current account balance for Nov came at ¥ 433.0B vs ¥ 139.5B exp.
AUD/USD saw initial offers taking the rate towards a session low of 0.8127, marginally breaking US session lows, before a bounce sent the rate surging to test 0.82 after a breakout of 0.8170 - aided by Chinese trade data - , although the bull run ended up being short-lived, pulling back down to 0.8150.
EUR/USD tripped stops above 1.1845 to set a high of 1.1860 before a sharp retracement to 1.1820, with a similar story seen in Cable, peaking at 1.5190 before giving up gains to settle around 1.5155. In the commodity space, Oil lost even more ground during the session, gold remain on a bullish tone, printing session highs of 1239, highest since October 2014.
USD/JPY traded very heavily, with stop loss sell orders being triggered below 118.20, with more stops going off below 118.00, setting a new 4-week low at 117.74 before a startling bounce towards 118.70 session highs. In Japan, Japan's BoP current account balance for Nov came at ¥ 433.0B vs ¥ 139.5B exp.
AUD/USD saw initial offers taking the rate towards a session low of 0.8127, marginally breaking US session lows, before a bounce sent the rate surging to test 0.82 after a breakout of 0.8170 - aided by Chinese trade data - , although the bull run ended up being short-lived, pulling back down to 0.8150.
EUR/USD tripped stops above 1.1845 to set a high of 1.1860 before a sharp retracement to 1.1820, with a similar story seen in Cable, peaking at 1.5190 before giving up gains to settle around 1.5155. In the commodity space, Oil lost even more ground during the session, gold remain on a bullish tone, printing session highs of 1239, highest since October 2014.