- Japanese machine orders fall back but still on uptrend
- Japan’s March tertiary index -0.6% MoM
- 2-yr JGB yields fall to lowest level in 7 years
- NZD maintains ‘offered’ tone after poor dairy auction
- Australian Q1 wage price index +0.9% QoQ
- Interbank AUD/USD vols jump again
- Emerging markets: Indonesian FinMin forecasts for 2013; growth around 7%, inflation between 4.5%/5.5%, USD/IDR in 8700/9300 range
- USD/CNY midpoint fixed at 6.3205
- Gold $1538/oz; Oil $92.75/bbl
- Hang Seng -2.5%, Sydney and Seoul -2%, Tokyo -1%
Risk aversion was very apparent on regional stockmarkets but the FX market remained very quiet, with all of the majors in tight ranges. Overnight there were some big moves higher in the USD especially against European and South American emerging market currencies but we saw no such major moves here in Asia.
USD/JPY has inched higher with the predominantly bullish USD sentiment and the lack of any risk-aversion plays in the Yen crosses has made the USD/JPY rise a bit easier. Real money and corporate offers are noted between 80.50/65 but stop-loss buy orders are also noted just above there. Ranges: 80.17/44
AUD/USD has had a surprisingly quiet session, falling early alongside the NZD/USD, but the 30-pip range tells the whole story. .9917/48 range
EUR/USD has had a very quiet 17 pip range, with more option protection expected on downside but the market showing no signs of being able to rally. Ranges: 1.2720/37
Cable 1.5968/99, EUR/CHF 1.2007/12
