Market Overview

ForexLive Asian market wrap: PBOC fixes USD/CNY at new record low

USD/CNY fixed at record low of 6.2823
UK consumer confidence rises sharply
RBNZ leaves New Zealand's interest rates unchanged, as expected
Reuter's poll of US primary dealers sees less than 30% chance of eventual QE3
South Korean Q1 GDP +0.9% QoQ, as expected
Japan February total wages revised +0.1% YoY
Geithner: Challenge to rebuild confidence in government
Regional stocks +0.4% on average
Gold $1645/oz; Oil $104/bbl

USD/JPY has traded a 30 pip range after cloing in NY at 81.30. The positive close on Wall Street encouraged some early risk-on sentiment and USD/JPY edged up top 81.40 but the low USD/CNY fix encouraged selling across the USD/Asia pairs and this sent USD/JPY down to session lows. The pair was basically happy to range trade ahead of a big risk event tomorrow with the BOJ but with the extended holidays next week through Golden week, corporate flows were brought forward and these have weighed USD/JPY down a bit in late trade. The sharp revision lower in wages data may encourage the BOJ to spend a bit more? Ranges: 81.08/42; EUR/JPY 107.28/65

AUD/USD triggered stops above 1.0360 right on the NY close and has consolidated these gains for the rest of the session. Solid bids are noted now at 1.0325/35 as the market looks to reduce short-term speculative positioning ahead of Golden week next week and of course the RBA. Ranges: 1.0346/71

EUR/USD has once again traded in a range of less than 20 pips, 1.3214/33 and there have been no important statements affecting the EUR.

Cable still holds at important technical resistance 1.6165/75 and EUR/CHF was usual 1.2012/17

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Markets

 

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