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Forex pairs in this Article » AUD/USD, USD/JPY (Barcelona) - Unlike the past 3 Asian session, when the Yen was the best performer, this time around the opposite is true, with the Japanese currency being the most vulnerable to a rather volatile session. Risk off kicked in first after the market dumped Apple's shares over 10% after-hours following a 'less than meets the eye' earnings report.

Then risk appetite made a comeback on a 2-year high China HSBC Manufacturing PMI, suggestive of the ongoing recovery in the country's industrial sector. If that was not enough to entertain traders, a headline indicating Nth Korea intentions to launch another rocket and run a nuclear test "aimed" at the U.S, saw risk bids reduced once again, with the US Dollar the major beneficiary, along with a surprisingly strong Euro, which resisted the risk-off gale quite remarkably.

Main headlines in Asia (in chronological order)

- New Zealand Business NZ PMI increase to 50.1 in Dec from 48.8

- Apple's stock falls after-hours post earnings report

- Carnage in Apple's stock; Risk off dominates early Asia

- What went wrong with Apple's earnings?

- Japan's trade deficit shrinks to ¥-641.5B; exports collapse 5.8% YoY

- JPMorgan still bets for AUDUSD upside resolution to develop

- $20 trillion shale oil find 'can fuel Australia

- RBA to cut its policy rate by 25bp in Q1 - Nomura

- Flash China manufacturing PMI at 51.9, highest in 2 years

- Asia-Pacific's risk appetite improves following better HSBC PMI China

- Reuters article: North Korea targets U.S. with nuclear, rocket tests

- USDJPY reaches 89.30; 120+pips since London low

- CEFP and North Korea send USDJPY higher

FT: Japan fires back at currency critics

- USDJPY breaks through 89.30; Japan's Nishimura emboldens bulls
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