- UK retail sales fall more than expected
- Japan FinMin Noda: Watching FX moves closely; USD/JPY fall due to US economy
- Japan’s foreign reserves at record highs
- USD/CNY set at new record low 6.4816
- Shanghai, Tokyo shares flat; other regional bourses -0.75% on average
- Gold $1545/oz, Oil -0.5% at $98.50/bbl
Another very quiet day in Asia with the only hope of any volatility to come from the RBA rate decision which will be released shortly.
EUR/USD has traded in a 1.4560/1.4600 range but has lacked direction with little news or flows of any note.
USD/JPY has traded a 19 pip range which says everything. FinMin Noda said that he’s watching moves but also interestingly referred to US economic woes being responsivble for the USD/JPY level, a remark which would seem to make intervention slightly less likely.
Sterling was affected by the poor retail sales data with EUR/GBP rising to .8933 from session lows at .8908. Sell orders are noted in the cross between .8940/50 with stops just above this level. Cable range 1.6322/59
AUD/USD has been range trading inside a 30 pip range, waiting for the RBA.