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7 Mar 2013
Session Recap: BoJ holds steady; Cable prints fresh lows
As one could anticipate, the Forex market went through a session of quiet transition as traders remain sidelined awaiting for the central bank monetary policy decisions in Frankfurt (ECB) and London (BoE).
There was some little excitement in the Cable very early in Asia, after some stop-loss hunting below 1.50, following news from the Financial Times that Osborne will hand Carney more powers, interpreted as more easing coming down the pipe. The Euro recovered a bit after testing year lows, helped by news that S&P revised Portugal's rating from negative to stable.
In Japan, the central bank released its latest monetary update, although as expected, no changes in the asset purchases fund, which remains at 76 Trillion yen, were noted. There has been no repercussions in the Yen, ranging some 20 pips post the event, as the market awaits the transition from the 'old leadership' to the new one. The Nikkei broke the 12k mark.
The Australian Dollar, after the sharp fall off 1.03 in the last US session, has managed to recover some ground to now fight through 1.0250, with the rise coming after downbeat Australian trade data.
Main Headlines in Asia (in chronological order)
EUR/USD falls to 2013 lows and opens the door to further loses
- Australia February AIG Construction PMI 45.6 (vs. 36.2 prior)
- Financial Times article: Osborne to hand Carney more powers
- GBP/USD prints fresh 2013 lows on more easing fears
- Under the hammer …….Cable sell stops smoked
- Brazil leaves its benchmark interest rate unchanged at 7.25%
- USD/JPY struggling with the 94.00 round while Nikkei clears 12k mark
- Australian trade deficit breaks the AUD1 billion mark
- USD/JPY entering 90-95 consolidation phase - Nomura
- S&P: Portugal outlook revised to stable from negative
- Sell everything, buy the USD - RBS
- BoJ keeps APP unchanged; no rock n' roll until April 4th
- USD/JPY slightly to the downside as no surprise from BoJ
- Reuters article: Nth. Korea getting ready for ‘state-wide war practice of an unusual scale’
- Japan's parliament nears approval of BoJ nomineest.
There was some little excitement in the Cable very early in Asia, after some stop-loss hunting below 1.50, following news from the Financial Times that Osborne will hand Carney more powers, interpreted as more easing coming down the pipe. The Euro recovered a bit after testing year lows, helped by news that S&P revised Portugal's rating from negative to stable.
In Japan, the central bank released its latest monetary update, although as expected, no changes in the asset purchases fund, which remains at 76 Trillion yen, were noted. There has been no repercussions in the Yen, ranging some 20 pips post the event, as the market awaits the transition from the 'old leadership' to the new one. The Nikkei broke the 12k mark.
The Australian Dollar, after the sharp fall off 1.03 in the last US session, has managed to recover some ground to now fight through 1.0250, with the rise coming after downbeat Australian trade data.
Main Headlines in Asia (in chronological order)
EUR/USD falls to 2013 lows and opens the door to further loses
- Australia February AIG Construction PMI 45.6 (vs. 36.2 prior)
- Financial Times article: Osborne to hand Carney more powers
- GBP/USD prints fresh 2013 lows on more easing fears
- Under the hammer …….Cable sell stops smoked
- Brazil leaves its benchmark interest rate unchanged at 7.25%
- USD/JPY struggling with the 94.00 round while Nikkei clears 12k mark
- Australian trade deficit breaks the AUD1 billion mark
- USD/JPY entering 90-95 consolidation phase - Nomura
- S&P: Portugal outlook revised to stable from negative
- Sell everything, buy the USD - RBS
- BoJ keeps APP unchanged; no rock n' roll until April 4th
- USD/JPY slightly to the downside as no surprise from BoJ
- Reuters article: Nth. Korea getting ready for ‘state-wide war practice of an unusual scale’
- Japan's parliament nears approval of BoJ nomineest.