The forex trading headlines for Asia trading today, Monday July 8
- Japan Current Account for May Y 540.7Bn (vs expected Y600Bn)
- Japan Adjusted Current Account for May Y 623.3Bn (vs expected Y600Bn)
- Japan Trade Balance for May Y -906.7Bn (vs expected Y -901.1Bn)
- Japan Bank Lending for June (excluding trusts) +2.2% y/y (vs expected +2.3%)
- Japan Bank Lending for June (including trusts) +1.9% y/y (vs expected +1.9%)
- ANZ Job Advertisements for June -1.8% m/m s.a. (vs. prior was -2.5%). This is the fourth consecutive month of declines.
- Weekend press carried reports that European Central Bank Board members had clashed over interest rates last week
- The Shanghai Composite opened very weak and fell further, nearly down 2% at one stage (Xinhua News reporting that the Chinese government has ordered a 5% cut in government spending this year didn’t help.)
It was a relatively quiet and overall range-bound day in Asia as of writing.
USD/JPY provided early action, trading as high as 101.50/55 just after the Tokyo open, but falling back again to 101.10. Weak Toshin auction results were said to have contributed to the slide. It settled around 101.25/35.
AUD/USD opened weak but found buyers from 0.9030/40, 0.9060/65 capping it.
EUR and GBP were quiet in a 20 point range.