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1 Aug 2014
Asia Recap: A bit of AUD chopiness ahead of US NFP
FXStreet (Bali) - As expected, ahead of the US NFP, the Asian session failed to get out of first gear, with the only moves seen in the Aussie knee jerk reaction to China/local data.
The first key event moving the Aussie was the China official Manufacturing PMI for July, coming at 51.7 vs 51.4, helping push the pair towards 0.9315. However, Australia's miss in Q2 PPI, coming at -0.1% q/q vs +0.9 last, and China final HSBC manufacturing PMI for July, standing at 51.7 vs 52 flash estimate, saw the currency lose the 0.93 handle again.
In other fundamental news, Bank of Japan (BOJ) Governor Kuroda said that BOJ easing is having the intended effect, also adding, among many other familiar headlines, that the BOJ will adjust policy if needed to ensure price target is met given its clear and strong commitment to its price target.
In the Israeli/Palestinian conflict, a 72h cease-fire was declared starting at 5 GMT on Friday August 1. In Australia, the AIG Performance of Manufacturing index for July came at 50.7 vs 48.9, first time that the index is in expansionary territory since Dec last year. Lastly, Japan's Markit/JMMA Manufacturing PMI for July came at 50.5 vs 50.8 flash estimate.
The first key event moving the Aussie was the China official Manufacturing PMI for July, coming at 51.7 vs 51.4, helping push the pair towards 0.9315. However, Australia's miss in Q2 PPI, coming at -0.1% q/q vs +0.9 last, and China final HSBC manufacturing PMI for July, standing at 51.7 vs 52 flash estimate, saw the currency lose the 0.93 handle again.
In other fundamental news, Bank of Japan (BOJ) Governor Kuroda said that BOJ easing is having the intended effect, also adding, among many other familiar headlines, that the BOJ will adjust policy if needed to ensure price target is met given its clear and strong commitment to its price target.
In the Israeli/Palestinian conflict, a 72h cease-fire was declared starting at 5 GMT on Friday August 1. In Australia, the AIG Performance of Manufacturing index for July came at 50.7 vs 48.9, first time that the index is in expansionary territory since Dec last year. Lastly, Japan's Markit/JMMA Manufacturing PMI for July came at 50.5 vs 50.8 flash estimate.