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15 May 2014
Asia Recap: Japan's economy prints solid growth, Yen muted
FXStreet (Bali) - Limited moves in the currency market during Asian hours, with the Japanese Yen and the Australian Dollar barely changed from its NY close levels.
AUD/USD traded with a heavy tone from the get go, however, the area of support at 0.9360 proved resilient to give up after two failed attempts to break lower, with buyers stepping in to recover the price back towards its opening level at 0.9380.
USD/JPY saw an initial decline to 101.65 on upbeat Japanese Q1 GDP, new low for the week, although lack of follow through led to a recovery to 101.85, last US session high. The Nikkei 225 sold-ff 0.90%, keeping the bounce in JPY crosses limited.
NZD/USD kept threatening the area of resistance at 0.8675 (being broken at present), with traders encouraged by the upbeat NZ annual budget, with a surplus of NZD 372m for 2014−15 expected. Earlier on the session, New Zealand’s PMI came below last month's decade high, although it remains in solid expansion territory.
Main headlines in Asia
New Zealand’s manufacturing sector remains in solid expansion
RBA's Ellis: Sees little room for 2003 style property exuberance
Japan: Preliminary Q1 GDP impressive
Kuroda: CPI data shows companies making translating cost of sales tax to consumer
Australian New Vehicle Sales flat m/m from -0.3%
NZ budget: Surplus of NZD 372m for 2014-15 expected
Fitch: Australian budget enhances long term sovereign risk profile
AUD/USD traded with a heavy tone from the get go, however, the area of support at 0.9360 proved resilient to give up after two failed attempts to break lower, with buyers stepping in to recover the price back towards its opening level at 0.9380.
USD/JPY saw an initial decline to 101.65 on upbeat Japanese Q1 GDP, new low for the week, although lack of follow through led to a recovery to 101.85, last US session high. The Nikkei 225 sold-ff 0.90%, keeping the bounce in JPY crosses limited.
NZD/USD kept threatening the area of resistance at 0.8675 (being broken at present), with traders encouraged by the upbeat NZ annual budget, with a surplus of NZD 372m for 2014−15 expected. Earlier on the session, New Zealand’s PMI came below last month's decade high, although it remains in solid expansion territory.
Main headlines in Asia
New Zealand’s manufacturing sector remains in solid expansion
RBA's Ellis: Sees little room for 2003 style property exuberance
Japan: Preliminary Q1 GDP impressive
Kuroda: CPI data shows companies making translating cost of sales tax to consumer
Australian New Vehicle Sales flat m/m from -0.3%
NZ budget: Surplus of NZD 372m for 2014-15 expected
Fitch: Australian budget enhances long term sovereign risk profile