Monday, November 10, 2014

Asia Forex Market Recap: Yen on the back foot again

It was a low key affair in Asia, with the USD chopping around after the firmer tone seen on Monday, with the Aussie and Kiwi exhibiting a slightly better tone, while the Japanese Yen was once again the worst performer.

$AUD/USD printed an early Asian low at 0.8616 before a recovery towards 0.8650 following an upbeat NAB business conditions print, which came in contrast with a slight decline in NAB business confidence. The pair ends Asia in a consolidation mode just below the mid-round number. $NZD/USD carved out a slim range ahead of the RBNZ Financial Stability report later today (20 GMT). The Kiwi lagged AUD moves, amid the absence of any econ release. As per $USD/JPY, after an initial consolidation, the pair broke higher above 115.00, positing session highs at 115.10, with yesterday's setback having solidified 114.00 as an even stronger support now; the nikkei, up 1% heading into the close, helped sustain the gains in Yen crosses. $EUR/USD and $GBP/USD traded in tight ranges lagging USD moves, with pricing at 1.2425 and 1.5840 respectively.