5 May 2014
Asia Recap: Yen bulls show appetite to extend gains
FXStreet (Bali) - The Japanese Yen was the star performer in Asia, with the Australian Dollar the main laggard.
Broad-based Yen strength was the main theme, moves occurring despite Japan being closed due to public holidays. The USD/JPY broke below 102.00 psychological support, with subsequent price action consolidating below the round number, currently at 101.90.
AUD/USD tripped stop loss orders above 0.9315 during inter-bank trading, reaching its highest at 0.9322, before the rate got snapped back down towards 0.9280.
Afterwards, another topside attempt to retest 0.93 failed, with traders dragging the price down to 0.9250 before a mild recovery. A disappointing China HSBC print, coupled with soft building approvals in Australia, weighed on the AUD. On the flip side, TDS inflation numbers and AiG services index came higher than their previous readings, limiting the downside in the Aussie.
The New Zealand Dollar offered little moves, and so did the rest of G10 currencies ahead of Europe, a session in which liquidity will be thinner-than-usual due to London being on holidays.
Key Quotes
BoJ Kuroda: private economists underestimate Japan
Australia AiG Performance of Services Index fell from previous 48.9 to 48.6 in April
Australia: TD Securities Inflation rises to 0.4% m/m vs 0.2% previous
China's HSBC PMI misses expectations
Broad-based Yen strength was the main theme, moves occurring despite Japan being closed due to public holidays. The USD/JPY broke below 102.00 psychological support, with subsequent price action consolidating below the round number, currently at 101.90.
AUD/USD tripped stop loss orders above 0.9315 during inter-bank trading, reaching its highest at 0.9322, before the rate got snapped back down towards 0.9280.
Afterwards, another topside attempt to retest 0.93 failed, with traders dragging the price down to 0.9250 before a mild recovery. A disappointing China HSBC print, coupled with soft building approvals in Australia, weighed on the AUD. On the flip side, TDS inflation numbers and AiG services index came higher than their previous readings, limiting the downside in the Aussie.
The New Zealand Dollar offered little moves, and so did the rest of G10 currencies ahead of Europe, a session in which liquidity will be thinner-than-usual due to London being on holidays.
Key Quotes
BoJ Kuroda: private economists underestimate Japan
Australia AiG Performance of Services Index fell from previous 48.9 to 48.6 in April
Australia: TD Securities Inflation rises to 0.4% m/m vs 0.2% previous
China's HSBC PMI misses expectations