Market Overview

ForexLive Asia Wrap: A little EUR/JPY Retrace to Start the Week

Australia January TD/MI Inflation 0.3% M/M (vs. +0.4% prior)
Australia January TD/MI Inflation 2.5% Y/Y (vs. +2.4% Y/Y prior)
Japan January Monetary Base 10.9% (vs. 11.8% prior)
New Zealand January ANZ Commodity Price Index +0.3% M/M (vs. +1.0% prior)
UK January Lloyds Business Barometer Balance 15 (vs 20 prior)
Australia January ANZ Bank Total Job Advertisements -0.9% M/M (vs. -2.8% prior)
Australia December Building Approvals -4.4% M/M (vs. +1.0% expected)
Weekend comment - Euro possibly too high: Moscovici
Spain: More calls for Rajoy to resign
2 Chinese ships enter Japan waters

Pretty much a range-bound day, but the ranges were wide enough and quite playable. The Euro was a little heavy for most of the day and one of the quietest. Yen, again, was active, EUR/JPY and USD/JPY falling in the morning to just above 126 and 92.50 respectively before support was found. Both traded higher but without a lot of gusto, running into sellers again around 126.40/50 and 92.75/80.

NZD/USD had a run up in the early morning but faces a big band of resistance above 0.8440. It traded as high as 0.8492 and then lost ground to 0.8445 before settling.

AUD/USD opened weakly in early New Zealand trade but recovered to the mid 1.0420s, kicking as high as 1.0433 on EUR/AUD selling before settling 1.0420/27 for the balance of the session.

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: News Forex Global Economics Markets Trading Ideas

 

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