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Asia Market Update

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Stronger than expected Australian GDP data, keeps AUD/USD above 95 cents

Wed, Jun 4 2008, 08:18 GMT
by Eben Esterhuizen

TradeTheNews.com

- Economic Numbers: Australia's Q1 GDP came in better than expected (Q1 GDP QOQ: 0.6% V 0.3%E; YOY: 3.6% V 2.8%E; Q1 chain price index +1.3% q/q). However, the quarterly GDP figure rose at its slowest pace since June of 2006. In other economic data, Japanese Q1 capital spending was better than expected (Q1 CAPITAL SPENDING: -4.9% V -9.6%E; EX SOFTWARE: -5.3% V -7.3%E).

- Forex: The USD consolidated its US session gains during the Asia session, and trading has been confined to narrow ranges. Currently the USD is marginally weaker against the EUR and CHF, but gaining against the NZD, JPY and CAD. The Australian dollar has been the largest gainer due to the better than expected GDP data. The AUD has gained more than 0.30% against both the USD and JPY. The GBP is currently little changed against the USD, after largely ignoring the earlier UK consumer confidence data.

- Asian Equities: The Nikkei 225 is higher by more than 1% on gains in shares of exporters. The S&P ASX 200 is higher by more than 0.10% on gains in shares of financials and BHP. The Kospi is higher by more than 0.40%, led by gains in shares of technology companies. Chinese equities are lower by more than 2% on declines in shares of telecoms and financials. The Hang Seng is lower by more than 0.25%, tracking the declines in Shanghai.

- Commodities: Crude oil prices are lower by more than 0.10% and trading above $124/bbl, after falling sharply during the US session. Spot gold is lower by more than 0.15% and trading around $884/oz.

Published on  Wed, Jun 4 2008, 08:19 GMT