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8 Oct 2013
Session Recap: Market on the sidelines awaits developments in Washington
FXstreet.com (Barcelona) - It was a quiet session in Asia, with investors continuing to show the same pattern of being sidelined on 'wait and see' mode hoping that U.S. politicians resolve the current fiscal impasse.
The Japanese Yen, which has been on the rise this week, saw gains being consolidated, with some major technical levels against the EUR and JPY recently been reached. USD/JPY finds itself at a crossroads at the 200-day SMA, a dynamic support last visited on November 2012, while the EUR/JPY is also intersecting through an ascending trendline off June 2013 lows.
The Aussie, meanwhile, has a brief drive through 0.9445/50 offers-sensitive area but failed to sustain its gains, despite NAB's Australian confidence indicator printed its highest level in 3½ years, while business confidence also improved modestly.
In other economic news published in Asia, New Zealand confidence indexes remain very resilient, Japan unexpectedly saw its current account surplus shrink to a record low in the month of August, while China HSBC Services PMI came in line with exp.
Main headlines in Asia
New Zealand NZIER Business Confidence (QoQ) rises to 38% in 3Q from 32%
Japan's sa current account comes below expectations
Australian confidence at its highest level in 3½ years
Tentative evidence Australian economy picking up, RBA rate cut cycle over?
China HSBC China Services PMI falls to 52.4 in September from 52.8
The Japanese Yen, which has been on the rise this week, saw gains being consolidated, with some major technical levels against the EUR and JPY recently been reached. USD/JPY finds itself at a crossroads at the 200-day SMA, a dynamic support last visited on November 2012, while the EUR/JPY is also intersecting through an ascending trendline off June 2013 lows.
The Aussie, meanwhile, has a brief drive through 0.9445/50 offers-sensitive area but failed to sustain its gains, despite NAB's Australian confidence indicator printed its highest level in 3½ years, while business confidence also improved modestly.
In other economic news published in Asia, New Zealand confidence indexes remain very resilient, Japan unexpectedly saw its current account surplus shrink to a record low in the month of August, while China HSBC Services PMI came in line with exp.
Main headlines in Asia
New Zealand NZIER Business Confidence (QoQ) rises to 38% in 3Q from 32%
Japan's sa current account comes below expectations
Australian confidence at its highest level in 3½ years
Tentative evidence Australian economy picking up, RBA rate cut cycle over?
China HSBC China Services PMI falls to 52.4 in September from 52.8