Asian forex market wrap

Wed, Nov 18 2009, 04:52 GMT
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Very quiet again in Asia. Stock markets gave up early gains and finished in negative territory by around 0.75% on average Gold slipped back again from another record high at $1143/oz Australian September leading index +0.9% China expected to grow by between 8% and 9% next year Danger of asset bubbles still in China Australia Q3 wage index +0.7% QoQ RBA watcher still epects 0.25% rate rise in December Very little action of note in the FX markets and order books are very light close to current levels according to interbank dealers. A decent amount of AUD/USD and AUD/JPY selling was noted out of Tokyo around fixing time. AUD/UD closed in NY at .9310, traded early to a session high of .9319 but the Japanese selling has weighed it down as the session progressed. Range: .9267/.9319. USD/JPY has been very slow in an 89.16/36 range though there is the possibility of an hourly double-bottom should lows around 15 hold. EUR/GBP has been slightly more active than either cable or EUR/USD with some profit taking noted after the market failed to close below technical support. Cable has traded in a 1.6785/1.6830 range and EUR/GBP .8840/62. EUR/USD has been torn between some light EUR/JPY selling and EUR/GBP buying and has been virtually unmoved inside a 1.4860/90 range. Option protection ahead of 1.4800 is still expected. Markets: Nikkei -0.8%, HK -0.7%. Gold -$3 at $1137/oz. Oil steady around $79/bbl.

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