FXStreet (Bali) - Judging by the slow in Asia this week, Friday's price action saw some relatively mid-strong moves, with the Yen topping the climbers while the US Dollar was yet again the main laggard.
USD/JPY saw a steady decline until facing strong bids at 101.30, with the catalyst coming from both the Nikkei 225 sell-off (-1.65% post lunch) and broad based USD weakness. AUD/USD extended gains towards the upper end of its range at 0.9330/40, NZD/USD printed a new 3-year high very early in the session at 0.8792, while USD/CAD kept depreciating towards 1.0680.
On the fundamental front, New Zealand May trade balance came at 285m vs 300m exp. In Australia, RBA’s Kent crossed the wires referring to the housing situation, with no headlines having an impact on today's AUD moves, which were more attributed to month-end positive flows and general USD weakness.
In Japan, the Nikkei reported that Japan fiscal 2013 tax revenue was estimated to hit the highest since 2007, with the inflation series continuing to show steady readings post the sales tax hike back in April; the only setback was Japan's overall household spending y/y for May, which decreased significantly to -8.0% vs -2% exp, evidence of the rush to spend pre-sales tax with the subsequent moderation. In China, industrial profits for May came at +8.9% y/y vs 9.6%.
Main headlines in Asia
NZ trade balance in line with expectations
Japan tax revenues highest since 2007
RBA's Kent: Foreign demand has supported building
Japanese inflation slowly but steadily advancing
RBA's Kent: No sign of speculative, credit bubble in house prices
Japan's FinMin down-plays setback in Japanese household spending
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