Forex news for Asia-Pacific trading June 10, 2016
- Twitter fight breaks out between Trump and Clinton
- Japanese bond yields fall to record lows
- Japan May PPI -4.2% vs -4.2% y/y expected
- Japan economy minister Ishihara: No plans to change assessment after machine orders
- New Zealand May retail card spending -0.3% vs +0.5% expected
- How to trade the Brexit referendum - Goldman Sachs
Markets:
- JPY in the lead, AUD lags
- Nikkei down 0.8% to 16537
- Gold down $2 to $1267
- WTI crude down 14-cents to $50.42
China was on holiday for the second day and that kept a bit of a damper on trading along with a quiet economic calendar but moves in AUD, JPY and EUR kept things lively.
EUR/USD broke below 1.1300 but is finding support at the 38.2% retracement and didn't get the follow through you'd expect as it plumbs the lows of the week. But it might just be a matter of European traders pushing the needle once they arrive.
USD/JPY rose to a two-day high as the positive momentum from the end of US trading continued. The high so far is 107.26 on a rally as Tokyo came online but the pair has faded back to 107.05.
The Australian dollar continues to feel a small squeeze from the divergence across the trench. AUD/NZD is breaking down and AUD/USD slipped as low as 0.7407 but bids ahead of the big figure have held so far. It's still slated to be a pretty good week for AUD.
Cable is skidding along yesterday's low but reluctant to break down. The Friday trade last week was to sell on worries about weekend polls showing rising support for a Brexit and that turned out to be a wise move (at least until Tuesday). Last at 1.4449.
EUR/CHF has fallen five straight days this week and is narrowly above yesterday's low of 1.0885. The SNB is due next week.
