Forex: Asia going nowhere fast; Yen tops climbers
FXstreet.com (Barcelona) - As it is the norm, the Asian session provided little action for EURUSD, with the pair merely 15 pips above its starting price, last seen at 1.2520 at session highs, with lows at 1.2501, the magic 20 pip figure range of latest sessions. Despite the bunch of data coming out of Japan, Yen has been the big mover this early Friday, but not for much either. USDJPY is down by about 18 pips, or a -0.20% decline since the beginning of the trade. Aussie about flat.
As 4castweb.com reports: "There has been talks of Japanese banks, Tokyo names selling good amount of USDJPY, Cross/JPY." the analysts say, adding: "Cross/JPY weighed by risk aversion, ahead of uncertainty over Fed Jackson Hole comments from Fed Ben Bernanke. And also on ECB bond buying plan, Spanish concerns and Greece bailout trances."
4castweb adds: "More stoploss below 78.40 in USDJPY, with bids at 78.00-10, from Kampo, Japan lifers, importers, speculation of stealth BoJ/MOF interest. While talks of Asian Cbs, China, sovereign, real money, US funds on selling side as well."
In the equities front all the Asia-Pacific indexes are showing loses, for and overall losing week, averaging -2%, with Nikkei today alone down by -1.07% below the 8900 points, and -2.88% for the week, Hang-Seng -0.35% for today and -2.11% for the week, while Shanghai Composite is printing fresh 3 year lows yesterday down for year 2012 alone some -7% around the 2050 points, losing -1.17% for the week. Oil and gold are also showing weakness for the week, with iron ore prices making the rounds falling -38% in last 4 months, report James Glynn for DowJones/WSJ.
For the London session ahead several minor EUR macro related data will be released, with no sovereign debt auctions to be held from the EZ as usual on Friday's, but all eyes focused on Bernanke's speech due at the Federal Reserve Bank of Kansas City's Economic Symposium, in Jackson Hole, titled "Monetary Policy Since the Crisis," at 14:00 GMT.
Earlier will come German retail sales at 06:00 GMT, followed 1 hour later for Spanish retail sales and Italian unemployment again 1 hour after, flash EU CPI and unemployment rate at 09:00 GMT along with Italy CPI, for then going for the NY session, with Chicago PMI at 13:45 GMT.
Immediate resistance to the upside for EURUSD comes at recent session highs as Wednesday's lows 1.2520, followed by Monday's highs/0.5 retrace of intra-week latest down leg 1.2577/1.2487 at 1.2536, and yesterday's highs at 1.2563. For the downside, closest support shows at Aug 21 highs/Aug 28 & yesterday's lows at 1.2485, followed by Monday's and current week lows at 1.2464, and Aug 06/07 highs at 1.2445.
For AUDUSD, "The expectation is for an eventual downtrend extension toward the June lows," analysts at IFRMarkets say. Immediate support though shows at yesterday's and current session lows 1.0275, followed by June 20 highs and key Fibo level at 1.0215, and July 25 lows at 1.0175. For the upside, nearest term resistance comes at yesterday's Asian session lows 1.0315, followed by yesterday's highs/Tuesday lows at 1.0344, and past Friday's lows at 1.0375.
As 4castweb.com reports: "There has been talks of Japanese banks, Tokyo names selling good amount of USDJPY, Cross/JPY." the analysts say, adding: "Cross/JPY weighed by risk aversion, ahead of uncertainty over Fed Jackson Hole comments from Fed Ben Bernanke. And also on ECB bond buying plan, Spanish concerns and Greece bailout trances."
4castweb adds: "More stoploss below 78.40 in USDJPY, with bids at 78.00-10, from Kampo, Japan lifers, importers, speculation of stealth BoJ/MOF interest. While talks of Asian Cbs, China, sovereign, real money, US funds on selling side as well."
In the equities front all the Asia-Pacific indexes are showing loses, for and overall losing week, averaging -2%, with Nikkei today alone down by -1.07% below the 8900 points, and -2.88% for the week, Hang-Seng -0.35% for today and -2.11% for the week, while Shanghai Composite is printing fresh 3 year lows yesterday down for year 2012 alone some -7% around the 2050 points, losing -1.17% for the week. Oil and gold are also showing weakness for the week, with iron ore prices making the rounds falling -38% in last 4 months, report James Glynn for DowJones/WSJ.
For the London session ahead several minor EUR macro related data will be released, with no sovereign debt auctions to be held from the EZ as usual on Friday's, but all eyes focused on Bernanke's speech due at the Federal Reserve Bank of Kansas City's Economic Symposium, in Jackson Hole, titled "Monetary Policy Since the Crisis," at 14:00 GMT.
Earlier will come German retail sales at 06:00 GMT, followed 1 hour later for Spanish retail sales and Italian unemployment again 1 hour after, flash EU CPI and unemployment rate at 09:00 GMT along with Italy CPI, for then going for the NY session, with Chicago PMI at 13:45 GMT.
Immediate resistance to the upside for EURUSD comes at recent session highs as Wednesday's lows 1.2520, followed by Monday's highs/0.5 retrace of intra-week latest down leg 1.2577/1.2487 at 1.2536, and yesterday's highs at 1.2563. For the downside, closest support shows at Aug 21 highs/Aug 28 & yesterday's lows at 1.2485, followed by Monday's and current week lows at 1.2464, and Aug 06/07 highs at 1.2445.
For AUDUSD, "The expectation is for an eventual downtrend extension toward the June lows," analysts at IFRMarkets say. Immediate support though shows at yesterday's and current session lows 1.0275, followed by June 20 highs and key Fibo level at 1.0215, and July 25 lows at 1.0175. For the upside, nearest term resistance comes at yesterday's Asian session lows 1.0315, followed by yesterday's highs/Tuesday lows at 1.0344, and past Friday's lows at 1.0375.
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