- Japan May Trade Surplus -12%, yr/yr.
- Japan May Corporate Services Prices -3% yr/yr
- Japan Exports fall 40.9% in May.
- China says raw material exports policies are consistent with WTO rules.
- BOJ’s Nakamura says economy is moving in right direction and that the central bank should not have any preset ideas to end corporate financing.
- Asian stockmarkets quiet, await FED.
- Gold trades a touch lower to 922.00
- Option expiries in AUD at 7950
The EUR held firm all day with talk that the US Inv bank was supporting it in Asia. It was locked tight in a 40 pip range and unable to break last night’s high above 1.4100 until now as I write. The market awaits to see the take up of the ECB’s unlimited one-year funds auction later tonight.
There was some Yen cross buying going into the Tokyo fix, but once that finished there was no flow thru. AUD was lifted on the back of AUDJPY but spent most of the day trading around the 7950 area. Late afternoon buying on the back of EUR sees it trading at its highs. There are noted option expiries in the AUD at 7950.
USDJPY traded 95.00-50 for most of the day with reported sellers just above 95.50. It stayed in that range until some late afternoon EURJPY buying and short USDJPY positions were squared, but overall volumes were low.
Ranges:
EURUSD 1.4060 – 1.4107
AUDUSD 7915 – 7967
USDJPY 95.01 – 95.59
EURJPY 133.67 – 134.83
GBPUSD 1.6410 – 1.6480
Goodluck,
Sam