FXStreet (Bali) - The Aussie ends Asia as the worst performing currency following a mixed jobs report in Australia, with the Japanese Yen topping the climbers.
AUD/USD approaches Europe glued along 0.94 bids after an abrupt 55/60 pips rejection off session highs, with the USD/JPY finding support at 101.50 mid-round number, and the NZD/USD maintaining the bullish tone 20 odds pips above the 0.88 round number. GBP/USD and EUR/USD were kept near recent highs, with the former facing the BoE rate call later today.
The big mover for the session was the Australian Dollar, which initially rose only for sellers to step in and fade the spike, as the market digested what at first glance (by checking the total employment headline) seemed to be a solid report, although once a closer examination was performed, traders realized that details were actually quite poor, with the unemployment rate ticking up to 6%, while out of the 15,900 jobs added, all were due to part-time hiring.
In other fundamental news, also weighing a bit on the Aussie, we saw the Chinese trade balance for June missing expectations, after printing +$31.60 bn vs +$36.95bn exp. Exports stood at 7.2%, while imports came at 5.5%. In New Zealand, the ANZ Truckometer for June came at -0.8% vs -2% prior, with NZ business PMI for June recording healthy levels at 53.3 vs 52.6. In the UK, the RICS house price balance for June came at 53% vs 55%. In Japan, Corporate goods price and tertiary industry indexes were mixed, with the real surprise being a major slump on machine orders, suggesting that the economy might not be doing as well as the BoJ projections indicate. Lastly, in Korea, the Bank of Korea cut the 2014 GDP forecast to 3.8% from 4.0%.
Main headlines in Asia
NZ business PMI at healthy levels
United Kingdom RICS Housing Price Balance below expectations (55%) in June: Actual (53%)
Japan Foreign investment in Japan stocks increased to ¥330.9B from previous ¥-32.5B
Japan Foreign bond investment increased to ¥-287.1B from previous ¥-1051.1B
GMTJapan Tertiary Industry Index (MoM) below expectations (1.9%) in May: Actual (0.9%)
GMTJapan Machinery Orders (YoY) below forecasts (9.5%) in May: Actual (-14.3%)
Japan Machinery Orders (MoM) registered at -19.5%, below expectations (0.9%) in May
Japan Domestic Corporate Goods Price Index (MoM) registered at 0.2% above expectations (0.1%) in June
Japan Domestic Corporate Goods Price Index (YoY) registered at 4.6% above expectations (4.5%) in June
Australian jobless rate up, economy adds 15,900 jobs
China Exports (YoY) up to 7.2% in June from previous 7%
China Imports (YoY) rose from previous -1.6% to 5.5% in June
China Trade Balance fell from previous $35.92B to $31.6B in June