- Japan February CSPI -0.6% YoY
- RBA Debelle: AUD is where one would expect it to be given rise in terms of trade
- BOE Miles: Need to get economy growing again
- BOE Dale: QE seems to have mitigated effects of financial crisis
- China’s industrial profits -5.2% YoY
- Nikkei and Hang Seng +1.5%, other regional Bourses +0.8% on average
- Gold $1688/oz; Oil $107/bbl
Very little to enliven a dull Asian market with only central banker comments providing any sort of lift.
USD/JPY tried to move higher in early trade after comments from Bernanke overnight raised risk sentiment. Corporate sellers were waiting in force just above 83.00 and the mini-rally soon ran out of steam. CHF/JPY selling then pushed the market in the opposite direction, although flows and ranges stayed small. Ranges: USD/JPY 82.77/83.03; EUR/JPY 110.51/91
AUD/USD opened near 1.0530, edged higher in early trade on modest AUD/JPY buying related to improved risk sentiment. The disappointing Chinese industry-profit data then encouraged mild selling before one decent sized flow knocked it below 1.0500 but it recovered quickly. Ranges: 1.0498/1.0502
EUR/USD has had another quiet 20 pip range in Asia with only some EUR/CHF and EUR/JPY flows providing any direction. Ranges: 1.3344/66
Cable 1.5954/71; EUR/CHF 1.2054/67
