Yen crosses lower on the session


Forex and Bitcoin news for Asia trading Friday 9 November 2018 

Yen crosses were the movers here today. USD/JPY continued its US-time gains in very early Asia trade but above 114 it stalled and has since been rejected. USD/JPY dropped 20-odd points and is circa 113.90 as of posting. Currencies continued their slide, but only barely. The ranges here were small only, which combined with the USD/JPY move has seen yen crosses taking the biggest loser crown for the session. EUR/JPY, for instance, is off 40 points (did I mention ranges were small only?).

There were news and data items (see bullets above), of most focusy the Reserve Bank of Australia Statement on Monetary Policy with a positive tone from the RBA (they have been seeing silver linings all over the place this lot, today’s most notable being an expectation that wage growth is just about to pick up (they have, however, been saying this for a number of years now)). AUD fell away a few points on the release of the SoMP, with continued weak housing credit growth (a negative m/m) not a positive for it either, and has since slid further, bottoming just under 0.7240 as I post.

NZD/USD slid alongside. EUR, GBP, CHF all a little soft also to varying degrees but within small ranges.

Chinese inflation data hit expectations. The People’s Bank of China further weakened the onshore yuan today, against a backdrop of USD strength overnight admittedly.

Still to come:

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