Market Overview

ForexLive Asia Wrap for Thursday 27 Dec 2012: Nikkei Powers Higher on Yen Weakness

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A low-volume day, as expected, with many market participants on holiday.
A light data/news day too:

Geithner sent a letter to the US Senate saying the US will reach its statutory debt limit on Dec. 31 and that the Treasury will take 'extraordinary measures' to postpone a default, which will allow around 2 months to reach an agreement. There was little else on the Cliff issue; the players are expected back in Washington on Dec. 27.
Chinese November Industrial Profits for January: November came in +3.0%, a big jump from the +0.5% in October
Japan Vehicle Production Y/Y for November was -8.4% (Oct. was -12.4%)
Japan Housing Starts  +10.3% Y/Y for November (Market expected +10.7%)
Japan Big 50 Constructors Orders (by Contract Value) for November -2.1% (Prior, October was -13.8%)
Japan Housing Starts Annualized for November 0.907M (Expected was 0.911M)

 

The Yen continued its weakening ways, as high as 85.84 (EUR/JPY 113.61) in Tokyo morning, and higher again in the post-lunch,with very little in the way of dips.
EUR/USD did its 'planking' impersonation, trading a very tight range of 1.3220/1.3240, with a brief spike to 1.3246
The NZD/USD found some support once New Zealand got active this morning, it traded from sub-0.8160 to 0.8210
AUD/USD was very quiet, 1.0362/78 the range. It was helped by AUD/JPY buying but hindered by fears over the fiscal cliff.

 

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 Markets Trading Ideas

 

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