- Australian Q3 housing starts -6.8% YoY
- NAB Australian business confidence unchanged in November; business conditions improve slightly
- Fall in UK house prices looks to be slowing according to latest RICS data
- Japan’s October Tertiary Index +0.6% MoM
- Japan FinMin Azumi: Wants more effort from EU, concrete steps and funding amounts, before committing to aid
- Asian stocks fall by 1.25% on average
- Gold -0.5% at $1660/oz; Oil $97.75/bbl
Once again the AUD was the main mover in what was another very quiet Asian session. AUD/USD closed in NY around 1.0065 but dealers were already eyeing stop-loss sell orders below 1.0040. Some Aussie selling out of Tokyo in early trade provided the momentum to trigger the stop-losses. The pair broke below 1.0040 but solid bids at 1.0025/30 easily stalled the fall. We have seen some modest short covering late in the session. Ranges: 1.0026/96.
EUR/USD has been very quiet despite a volatile night in Europe and the US. Bids around the NY lows at 1.3160 proved strong enough to hold the pair but bounces have also been shallow. The market has beeen eyeing an important chart low at 1.3145, with bids ahead of there and stops below. Barriers are also reported at regular intervals on downside, with large ones at 1.3000. There have been no major announcements regarding the EU or EZ and the market is now awaiting the German ZEW in a few hours. Ranges: 1.3159/1.3205.
USD/JPY has again been comatosed in a 12 pip range, 77.84/96. Cable 1.5571/1.5619; USD/CHF .9359/87.
