25 Jun 2014
Asia Recap: Commodities show action, currencies in comatose state
FXStreet (Bali) - Another slow affair in the FX arena along Asian hours, with depressed volumes doing little to move G10 currencies more than 10-20 pips on average.
AUD/USD ends the session at 0.9362 after hitting a low of 0.9352, with the USD/JPY stuck just below the 102.00, EUR/USD used 1.36 as reference to slowly pivot around, while NZD/USD edged slowly higher to retest broken support at 0.8680.
The commodity complex, especially crude oil, took the spotlight though, jumping over $1.5 in the blink of an eye, with the move attributed to an articles via the WSJ.
The WSJ article read: "The Obama administration has quietly cleared the way for the first exports of unrefined American oil in four decades, allowing energy companies to chip away at the long-standing ban on selling U.S. crude overseas."
Gold was $10 lower at 1,310.00, in quite an impulsive move from what is still perceived as a short term bull market currently going through a period of consolidation between 1,310 and 1,325.
Meanwhile, Federal Reserve Williams also crossed the wires, saying that the US is about 2 years away from full employment, while in Australia, the BREE noted further evidence that is “continues to see transition from investment phase of the mining boom to production phase.” In Australia also, May skilled internet job vacancies came at -3.6% m/m.
In Japan, the corporate service price index for May came at +3.6% y/y vs 3.3% exp, while in China, the Westpac MNI China consumer sentiment for June disappointed, hitting its lowest since July 2013, after recording a -7.1% m/m, which comes in stark contrast with the recent pick up in manufacturing seen in the China HSBC PMI from earlier this week.
Main headlines in Asia
Japan: Updated growth strategy finalized - Nomura
Fed's Williams: US about 2 years away from full employment
Japan Corporate Service Price (YoY) above forecasts (3.2%) in May: Actual (3.6%)
BREE: Further evidence of a transition from Australia's investment phase of the mining boom to production phase
Westpac MNI China consumer sentiment lowest since July 2013
AUD/USD ends the session at 0.9362 after hitting a low of 0.9352, with the USD/JPY stuck just below the 102.00, EUR/USD used 1.36 as reference to slowly pivot around, while NZD/USD edged slowly higher to retest broken support at 0.8680.
The commodity complex, especially crude oil, took the spotlight though, jumping over $1.5 in the blink of an eye, with the move attributed to an articles via the WSJ.
The WSJ article read: "The Obama administration has quietly cleared the way for the first exports of unrefined American oil in four decades, allowing energy companies to chip away at the long-standing ban on selling U.S. crude overseas."
Gold was $10 lower at 1,310.00, in quite an impulsive move from what is still perceived as a short term bull market currently going through a period of consolidation between 1,310 and 1,325.
Meanwhile, Federal Reserve Williams also crossed the wires, saying that the US is about 2 years away from full employment, while in Australia, the BREE noted further evidence that is “continues to see transition from investment phase of the mining boom to production phase.” In Australia also, May skilled internet job vacancies came at -3.6% m/m.
In Japan, the corporate service price index for May came at +3.6% y/y vs 3.3% exp, while in China, the Westpac MNI China consumer sentiment for June disappointed, hitting its lowest since July 2013, after recording a -7.1% m/m, which comes in stark contrast with the recent pick up in manufacturing seen in the China HSBC PMI from earlier this week.
Main headlines in Asia
Japan: Updated growth strategy finalized - Nomura
Fed's Williams: US about 2 years away from full employment
Japan Corporate Service Price (YoY) above forecasts (3.2%) in May: Actual (3.6%)
BREE: Further evidence of a transition from Australia's investment phase of the mining boom to production phase
Westpac MNI China consumer sentiment lowest since July 2013