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17 Feb 2014
Asia Recap: No end in sight to GBP rally; Japan's GDP Q4 misses expectations
FXStreet (Bali) - It has been a lively Asian session, with risk appetite firming on as the Euro and the British Pound posted new multi-week and year highs, respectively.
EUR/USD managed to marginally penetrate last Friday's high at 1.3715, although lack of follow through caused a quick yet moderate pullback towards 1.3710. Meanwhile, the GBP/USD broke above the 1.68 resistance area, with technicals pointing at further gains ahead.
The AUD and NZD were both choppy, trading mostly higher vs the USD, although they failed to break above any major resistance area, currently at 0.9065/80 and 0.84 respectively.
The Japanese Yen was supported early in Tokyo as the Nikkei 225 started the week losing ground after a disappointing Japanese preliminary GDP in Q4. However, the joy for stock sellers was short-lived, with the Japanese benchmark index re-adjusted higher from -0.5% to stabilize around +0.25%, resulting on a pullback in USD/JPY, back above 101.50.
The metals complex resumed its upward momentum, with spot Silver up more than 2% in Asia, while spot Gold was up over 0.7%.
Data over the weekend in China (new loans + money supply) was perceived as a positive input for the AUD. Meanwhile, New Zealand published solid retail sales figures for Q4 2013 (1.2% actual vs 1.7% exp), although they came below market expectations. The NZ services PMI for January, however, did satisfy analysts' projections, after coming at 58.1 vs 57.5 prior.
Main headlines in Asia
NZ retail sales Q4 2013 fails to meet expectations
New Zealand busy calendar off to a positive start - BNZ
AUD net short-covering extends - TDS
United Kingdom February Rightmove House Price Index (MoM) up to 3.3% vs 1%
Japan's Q4 2013 growth (preliminary) disappoints
Australia New Motor Vehicle Sales (MoM) decreases to -3.5% in January from 1.4%
Gold soars and hits fresh 3-month highs
EM currencies momentum has swung more positive - RBS
EUR/USD managed to marginally penetrate last Friday's high at 1.3715, although lack of follow through caused a quick yet moderate pullback towards 1.3710. Meanwhile, the GBP/USD broke above the 1.68 resistance area, with technicals pointing at further gains ahead.
The AUD and NZD were both choppy, trading mostly higher vs the USD, although they failed to break above any major resistance area, currently at 0.9065/80 and 0.84 respectively.
The Japanese Yen was supported early in Tokyo as the Nikkei 225 started the week losing ground after a disappointing Japanese preliminary GDP in Q4. However, the joy for stock sellers was short-lived, with the Japanese benchmark index re-adjusted higher from -0.5% to stabilize around +0.25%, resulting on a pullback in USD/JPY, back above 101.50.
The metals complex resumed its upward momentum, with spot Silver up more than 2% in Asia, while spot Gold was up over 0.7%.
Data over the weekend in China (new loans + money supply) was perceived as a positive input for the AUD. Meanwhile, New Zealand published solid retail sales figures for Q4 2013 (1.2% actual vs 1.7% exp), although they came below market expectations. The NZ services PMI for January, however, did satisfy analysts' projections, after coming at 58.1 vs 57.5 prior.
Main headlines in Asia
NZ retail sales Q4 2013 fails to meet expectations
New Zealand busy calendar off to a positive start - BNZ
AUD net short-covering extends - TDS
United Kingdom February Rightmove House Price Index (MoM) up to 3.3% vs 1%
Japan's Q4 2013 growth (preliminary) disappoints
Australia New Motor Vehicle Sales (MoM) decreases to -3.5% in January from 1.4%
Gold soars and hits fresh 3-month highs
EM currencies momentum has swung more positive - RBS