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
Forex FundamentalsAs the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
EconomicsOne particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.
Investing BasicsVirtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
Forex NewsWhen it comes to forex, some types of "fixes" are legal. But some really aren't.
- No results found.