Asia Recap: Traders sidelined ahead of FOMC

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Bali) - Exceedingly slow Asian session, with all the focus concentrated now on the FOMC.

All G10 FX vs the USD traded in 10-20 pips ranges, with familiar levels kept ahead of the Fed's policy meeting, with the market now expecting a more hawkish tone by Yellen following Tuesday's US May CPI, which came at 2.1% vs 2.0% y/y expected.

On the fundamental front, Japan's Merchandise Trade Balancefor May came at ¥-909.0B vs ¥-1,172.7B exp, with exports (YoY) coming at 2.7% vs -1.2% exp and imports (YoY) at -3.6% vs 1.7% exp. Meanwhile, the BoJ minutes showed no surprises, with members unanimously voting to keep increasing the monetary base at an annual pace of about 60-70 trillion yen. In New Zealand, the current account met expectations and was no mover for NZD.

Main headlines in Asia

Japan's updated growth strategy exceeds expectations - Nomura

New Zealand's current account meets expectations

Japan Merchandise Trade Balance Total registered at ¥-909B above expectations (¥-1172.7B) in May

Japan Adjusted Merchandise Trade Balance down to ¥-862.2B in May from previous ¥-844.62B

Jun 17, 23:50 GMTJapan Imports (YoY) came in at -3.6% below forecasts (1.7%) in May

Jun 17, 23:50 GMTJapan Exports (YoY) below forecasts (-1.2%) in May: Actual (-2.7%)

BoJ minutes: QQE effects firmly taking hold

PBoC planning new monetary tool to guide rates - Reuters

China House Price Index dipped from previous 6.7% to 5.6% in May

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