Asia Recap: Low volatility, light calendar

By FXstreet.com | July 08, 2014 AAA

FXStreet (Bali) - Moves along the Asian hours were limited, with all G10 currencies without exception keeping familiar levels ahead of Europe.

In terms of fundamentals, the session started with New Zealand's retail card spending coming flat at 0.0% m/m vs an increase of 0.2% expected. In the UK, the BRC June shop price index fell sharply to -1.8% vs -1.4% last. In Australia, the Westpac-MI consumer confidence index (s.a.) for the month of July stood at +1.9% m/m vs +0.2%.

In China, CPI for June saw a slight decline to +2.3% y/y vs 2.4 market was expecting. Also in China, a report by the PBOC will keep continue to selective ease but will avoid wide-reaching measures to prevent excessive credit expansion.

AUD/USD tested levels above 0.94, highest at 0.9412, but failed to sustain the rate, stabilizing right around the level. USD/JPY found bids around the 101.50, easing Tuesday's selling pressure. NZD/USD was limited by 0.88. EUR/USD made a half-hearted attempt to break higher, with 1.3627 high leasing to a retreat towards 1.3612. GBP/USD was comatose ahead of the BoE rate call. A bit more of action was seen in gold prices, with prices recovering the bullish tone to print a high of 1.324 after testing the 1,313 low overnight.

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