Market Overview

ForexLive Asia Wrap: Chinese January Trade Data Surprises to Topside

Japan December Unadjusted Current Account in at a deficit of 264.1B Yen (Market expected – ¥144.2Bn)
Japan December Seasonally adjusted Current Account at 98.1B Yen (Market expected ¥230.8Bn)
Japan's December Trade Balance deficit of 567.6Bn Yen (Expected was -560.6B Yen)
Japan January Bank Lending excluding Trusts +1.6% Y/Y (Market expected +1.1%)
Japan Q4 Housing Loans +3.1% Y/Y (Prior was +3.0%)
Australia: The RBA Statement of Monetary Policy was released, a more dovish tone (summary here)
China's January Trade Balance surplus of $29.2BN  (vs. expected of $22Bn) (Summary)
China January exports up 25% from a year earlier (expected was +17.5%)
China January imports up 28.8% from year earlier (expected was +23.5%)
Australia's Treasurer Wayne Swan spoke about the paltry amount the Mining Tax has collected

It was a quiet Asian session today ahead of a Japanese holiday on Monday and the Chinese New Year holidays next week in China, Hong Kong and Singapore.

AUD/USD tested the bids below 1.0260, and found plenty, but only managed to rally from there with the release of the better than expected Chinese January trade data. It was capped ahead of 1.0300.

EUR/USD, too, caught a bid on the Chinese figures, but in a very limited range, from 1.3385/90 to 1.3410/15.

The Yen had a quiet, range-bound day on low volumes ahead of the long weekend in Tokyo.

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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