China sets GDP growth target for 2014 A lacklustre session in Asia for all bar the AUD, with narrow ranges prevailing. There was plenty of news and data about (see bullets, above). Cable was flat and unchanging on the session. USD/CHF had a 10 point range around 0.8870. EUR/USD drifted 10-odd points lower on the session. Even USD/JPY didn’t do much, with the sellers prevailing around 102.25/30, and buyers supporting it ahead of 102.10. That isn’t much of a range for USD/JPY in Asia, it normally does a little better than that. As I write it is near its day’s high so far. USD/CAD found some support from 1.1070/75 and bounced to 1.1090. Kiwi was flattish around 0.8385, buit ends the session with a grind to its highs. I wasn’t that fussed, I had “the ground breaking sound of the Melbourne club scene” on the new stereo system and maybe it was me that shook up the AUD (blame the subwoofer). We got a jump on the Services PMI data of 5+ points (see bullets, above), and that was merely the support act for the Q4 GDP, which beat expectations (though not by much) and saw the AUD/USD pop stops above recent highs. The jump halted ahead of sellers around 0.8990 to 0.9000. It drifted back toward 65/70 but took a bit of tumble around the time of the release of the China services PMI … its hard to see how the China figure impacted on the AUD so sharply, maybe it was just correleation and not causation, but the AUD smacked down 25 points and then stabilized. As of writing it has struggled back a little around 0.8955/60.
Posted on: Wed, 05 Mar 2014 08:09:07 +0000
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