Events in Asia again set the broader tone for the day, with cross/JPY making the headlines in FX. China Caixin services PMI contracted significantly, but there was greater focus on further CNH weakening to fresh multi year highs. USD/CNH tipped the 6.73 mark, but likely intervention saw the low 6.71s pretty swiftly, with sub 6.7000 seen just ahead of the London close. North Korea added to global woes with its first H-bomb test. USD/JPY was dragged lower, but after seeing 118.36 in Asia and 118.22 in NY, it is clear to see 118.00 is well ‘protected’. Better than expected ADP (+257k vs circa 200k expected) will have aided support, as would the slightly narrower trade deficit, but there was limited movement in the aftermath of these data, as was the case post softer than forecast non-manufacturing ISM. Fresh losses in oil, where Brent hit new 11 year lows sent CAD into a tailspin, tearing through the 1.4000’s en-route to 1.4107. The EIA reported a crude draw less than that reported by the previous sessions API report. A large build in gasoline inventory also proved a fresh weight on WTI. CAD/JPY dropped to sub .8400 levels, last seen in Dec 2012. AUD was the underperformer on the day however, hitting levels just shy of .7050 and 83.50 against the USD and JPY respectively. EUR/USD held Tuesday’s lows to show just how well bid we are ahead of 1.0700. EUR/JPY lows ticked briefly under 127.00.
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Events In Asia Cause JPY Crosses To Make FX Headlines
Published 01/06/2016, 11:03 AM
Updated 07/09/2023, 06:31 AM
Events In Asia Cause JPY Crosses To Make FX Headlines
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