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18 Oct 2013
Session Recap: DC Deal and the currency ramifications still being digested in Asian session
FXstreet.com (Barcelona) - With the huge down move in the US Dollar wreaking havoc on the various major currency pairs’ charts Thursday, the early part of Friday’s session was clearly spent digesting some of those moves. There were, though, some data points released by global growth key, China, which moved things around a bit during the session.
China releases dominated the data stage Friday morning
China released the following data points during the session: GDP figures for Q3 were a modest positive surprise; their Industrial Production figures for September also came out slightly ahead of expectations; the retail sales data for September actually missed the mark slightly; and, Urban Investment data also disappointed slightly. So, the net result of all the Chinese data was mild pressure on the Aussie Dollar, New Zealand Dollar and Japanese Yen – but in the Aussie’s case, it was also reacting slightly to its own RBA Head sharing his wisdom with an audience.
Reserve Bank of Australia Governor Mark Wheeler said in his speech that a lower Aussie Dollar would help the Australian economy in all likelihood but stayed way from any specific RBA intentions for monetary policy. The Aussie Dollar really did little off of his comments.
Japanese foreign ownership of securities data came out just before midnight GMT. The data initially pushed the Yen lower but it has recovered nearly all of its losses over the last three hours.
Trading action says big moves from Thursday are being digested
When we scan the futures charts of the major forex futures, we only see non-descript action indicative only of a consolidation of the previous session's rather sharp moves. In the case of the US Dollar, it had been working through a modest upside correction since the European session closed on Thursday. Technicians say that unless the DXY can move above 79.77 resistance that another shot lower is to be expected – thereby likely giving a boost to many of the other majors.
Main headlines in Asia
Labor department to release Sept Jobs data on Tuesday
RBA's Ellis: Not in denial about possible housing bubble
Darkest period for USD since 2010/11 QE2 fall has arrived - RBS
What does ECB Draghi think about gold?
China's GDP comes at the high end of expectations
RBA's Steven: US shutdown probably has some dampening impact
RBA's Stevens: Personally thinks lower AUD will be helpful to economy
Market re-pricing Fed QE expectations
AUD back lower as DJ corrects news flash
RBA rate cut revised to March 2014 - Goldman Sachs
S&P: Ratings on Japan affirmed at AA- /A-1 outlook negative
China releases dominated the data stage Friday morning
China released the following data points during the session: GDP figures for Q3 were a modest positive surprise; their Industrial Production figures for September also came out slightly ahead of expectations; the retail sales data for September actually missed the mark slightly; and, Urban Investment data also disappointed slightly. So, the net result of all the Chinese data was mild pressure on the Aussie Dollar, New Zealand Dollar and Japanese Yen – but in the Aussie’s case, it was also reacting slightly to its own RBA Head sharing his wisdom with an audience.
Reserve Bank of Australia Governor Mark Wheeler said in his speech that a lower Aussie Dollar would help the Australian economy in all likelihood but stayed way from any specific RBA intentions for monetary policy. The Aussie Dollar really did little off of his comments.
Japanese foreign ownership of securities data came out just before midnight GMT. The data initially pushed the Yen lower but it has recovered nearly all of its losses over the last three hours.
Trading action says big moves from Thursday are being digested
When we scan the futures charts of the major forex futures, we only see non-descript action indicative only of a consolidation of the previous session's rather sharp moves. In the case of the US Dollar, it had been working through a modest upside correction since the European session closed on Thursday. Technicians say that unless the DXY can move above 79.77 resistance that another shot lower is to be expected – thereby likely giving a boost to many of the other majors.
Main headlines in Asia
Labor department to release Sept Jobs data on Tuesday
RBA's Ellis: Not in denial about possible housing bubble
Darkest period for USD since 2010/11 QE2 fall has arrived - RBS
What does ECB Draghi think about gold?
China's GDP comes at the high end of expectations
RBA's Steven: US shutdown probably has some dampening impact
RBA's Stevens: Personally thinks lower AUD will be helpful to economy
Market re-pricing Fed QE expectations
AUD back lower as DJ corrects news flash
RBA rate cut revised to March 2014 - Goldman Sachs
S&P: Ratings on Japan affirmed at AA- /A-1 outlook negative