ForexLive Asia Wrap: Australian Federal Election announced for Saturday, September 14, 2013

New Zealand December Building Consents +9.4%M/M (vs. expectations of +6.0%) – the highest since May 2008 South Korea December Current Account +$2.98B (November revised to +6.69B) (SA) South Korea December Industrial Output +1% M/M South Korea December Industrial Output +0.8% Y/Y South Korea December Service Sector output +0.1% M/M Japan December Retail Trade +0.4% Y/Y (vs. +0.3% expected) Australia December Skilled Vacancies (Internet Trend Data) Index -2.8% M/M (November was -3.5%) Aso: Says Yen correcting from excessive gains BOJ Governor Candidate Kikuo Iwata said the BOJ should double assets to achieve 2% inflation and that the BOJ should be independent in tools, not policy goals Japan's PM Abe: Government and BOJ steps are aimed at beating deflation and achieving sustained economic growth, that he strongly hopes the BOJ pursues bold monetary easing to achieve 2% inflation as soon as possible, and that he will aim to boost wages, keep long-term rates from rising through flexible macro-economic policies, fiscal reforms Australian PM Gillard set a date for the next Federal Election: September 14, 2013. Setting the date eight months out makes for the longest federal election campaign in Australian history EUR/USD spent the day in a tight range just shy of 1.3500, with sellers holding the line ahead of the 1.3500 side of the DNT option. 1.3495 was the high hit. USD/JPY crept higher through the morning, popping above 91 and then trading 90.85/91.03 for the balance of the session. The comments from Japanese ministers and the candidate for heading the BOJ came in the afternoon (see bullets above); they couldn't break the USD/JPY out of its tight range. NZD and AUD had range-bound days. The NZD/USD traded a little higher ahead of the Building Consents figures (which came in strong, see bullets above), then a little higher again on the release, but spent the rest of the day in a slow 25 point drift lower. The AUD/USD had a 20 point range. It didn't collapse despite Australia now facing the prospect of eight months of tedious politicians spouting garbage 24/7.