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26 Aug 2014
Asia Recap: Short-lived new lows for the Euro
FXStreet (Bali) - A quiet Asian session, with the Japanese Yen ending as the top performer running a corrective pullback, while the Euro and Kiwi were the weakest initially but managed to rebound above NY closes.
EUR/USD posted a new 1-year low at 1.3177 but the decline was temporary, as bids were found to send the rate back towards 1.32 whole number. AUD/USD was pressured to set a session low of 0.9270 before retesting 0.93. NZD/USD tocuhed its lowest at 0.8311 before a recovery sent the rate towards 0.9345-50. USD/JPY fell as low as 103.77 but dip buyers emerged to settle the price circa 103.85-90.
In the fundamental front, New Zealand July trade balance came at -692m vs -475m expected, initially weighting on the Kiwi. S&P agency affirmed New Zealand's ratings, noting that they see the New Zealand government continuing to improve fiscal performance. In Japan, the corporate services price index (CSPI)) came in line with expectations at +3.7%. In China, the conference board leading economic index China printed +1.3% percent in July, unchanged from last month.
EUR/USD posted a new 1-year low at 1.3177 but the decline was temporary, as bids were found to send the rate back towards 1.32 whole number. AUD/USD was pressured to set a session low of 0.9270 before retesting 0.93. NZD/USD tocuhed its lowest at 0.8311 before a recovery sent the rate towards 0.9345-50. USD/JPY fell as low as 103.77 but dip buyers emerged to settle the price circa 103.85-90.
In the fundamental front, New Zealand July trade balance came at -692m vs -475m expected, initially weighting on the Kiwi. S&P agency affirmed New Zealand's ratings, noting that they see the New Zealand government continuing to improve fiscal performance. In Japan, the corporate services price index (CSPI)) came in line with expectations at +3.7%. In China, the conference board leading economic index China printed +1.3% percent in July, unchanged from last month.