12 Nov 2013
Session recap: Everything but the DXY falling; Australia & Japan disappoint
FXstreet.com (Barcelona) - Bad Aussie and Japanese data set the tone for a generally risk-off attitude in the currency markets even as the corresponding equity markets traded higher for the most part.
Bad Japanese data and a rallying Nikkei weighing on the Yen
A bad Tertiary Industry Index and bad Consumer Confidence reading out of Japan took the Yen down hard. The fact that the Nikkei was up 2% added fuel to the downside fire for the Yen.
Aussie Dollar tumbling on very weak Business reads
A weaker than expected read on the National Australia Bank’s Business Confidence sent the Aussie dollar down versus other currencies – countering the general “risk on” attitude in the Asia-Pacific equity markets.
Data released during the Asian session:
• Japanese Money Supply (came in at 4.1% vs. 3.9% expectations);
• Japanese Tertiary Industry Index (-0.2% vs. 0.2% expectations; Yen weakened immediately);
• British Housing Price Balance (worse than expected at 57% vs. 59% expectations; GBP dropped initially but has regained most of the losses);
• National Australia Bank’s Business Confidence (down month over month; AUD-bearish);
• Natioanal Australia Bank’s Business Conditions (negative, but in-line moth over month);
• Japanese Consumer Confidence (worse than expected at 41.2 vs. 46.3 expectations; Yen weakening on the news)
For the rest of the Tuesday session, Japanese Machine Tool Orders, German and British inflation data, Britain’s Leading Economic Index, and the Chicago Fed Natioanal Activity Index will be on the radar of the trading community.
Main headlines in Asia:
AUD/USD opens the Tuesday session on the downside but may grind higher before heading lower
Australian business confidence deteriorates, still in positive territory
AUD/USD plunges to 0.9339 lows
USD/JPY explodes higher, but hits projected target at 99.50 and meets some selling
Silver bouncing now but appears headed for a test of October low of 20.495
Bad Japanese data and a rallying Nikkei weighing on the Yen
A bad Tertiary Industry Index and bad Consumer Confidence reading out of Japan took the Yen down hard. The fact that the Nikkei was up 2% added fuel to the downside fire for the Yen.
Aussie Dollar tumbling on very weak Business reads
A weaker than expected read on the National Australia Bank’s Business Confidence sent the Aussie dollar down versus other currencies – countering the general “risk on” attitude in the Asia-Pacific equity markets.
Data released during the Asian session:
• Japanese Money Supply (came in at 4.1% vs. 3.9% expectations);
• Japanese Tertiary Industry Index (-0.2% vs. 0.2% expectations; Yen weakened immediately);
• British Housing Price Balance (worse than expected at 57% vs. 59% expectations; GBP dropped initially but has regained most of the losses);
• National Australia Bank’s Business Confidence (down month over month; AUD-bearish);
• Natioanal Australia Bank’s Business Conditions (negative, but in-line moth over month);
• Japanese Consumer Confidence (worse than expected at 41.2 vs. 46.3 expectations; Yen weakening on the news)
For the rest of the Tuesday session, Japanese Machine Tool Orders, German and British inflation data, Britain’s Leading Economic Index, and the Chicago Fed Natioanal Activity Index will be on the radar of the trading community.
Main headlines in Asia:
AUD/USD opens the Tuesday session on the downside but may grind higher before heading lower
Australian business confidence deteriorates, still in positive territory
AUD/USD plunges to 0.9339 lows
USD/JPY explodes higher, but hits projected target at 99.50 and meets some selling
Silver bouncing now but appears headed for a test of October low of 20.495