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ForexLive Asia FX news wrap: Yen gave a little back today

Forex news for Asia trading Friday 12 February 2016


Australia, RBA etc.

Forex moves were not as wild as we have been seeing this week both in Asia and elsewhere, but we still had some decent movement.

Yen was once again the focus (as was the Nikkei and JGBs alongside, of course). The Nikkei opened lower and then continued to fall right through to the lunch break, going into the temporary close down more than 5% from Wednesday's close (Thursday was a Japanese holiday). USD/JPY dipped with the Nikkei early, but after piercing 112 briefly it came back to trade in a choppy fashion between about 112.10 and 112.50.

PM Abe and BOJ head Kuroda held a meeting, which was also attended by Japan's Ministry of Finance currency head Masatsugu Asakawa. USD/JPY moved higher toward 113, with rumours rife, as you'd expect, mostly centring on the possibility of an 'emergency' BOJ meeting (the next scheduled meeting is March 14 & 15) and more easing efforts, maybe even more forceful intervention (than the jawboning and rate checks we have already had). Post meeting comments from Kuroda and Asakawa made no mention of this though, with USD/JPY dipping back toward 122.50.

Elsewhere we had RBA Governor Stevens appearing before committee in the Australian parliament today. I've gathered the links (above) but, in brief, Stevens kept his comments tame and the AUD response was muted, maintaining a 30 or so point range through the day here. NZ weakened, though, its 50+ points below session highs, on little in the way of news.

EUR/USD is down on the session, nothing huge. CHF, too, is a little soft against the USD while cable is little changed at all.

Gold lost ground and oil was again not the centre of attention despite some wildness overnight.

China markets are back from the break on Monday, USD/CNH ticked a little higher today despite reported good selling from Chinese banks (back from hols early??).

Trading in South Korea's Kosdaq exchange (an exchange for the country's smaller stocks) halted for 20 minutes after the index fell 8.2% in the morning. It was the biggest fall its seen since December of 2011.

And, for the record, the MSCI All-Country World Index has declined 20% from its peak (May last year) to be in 'bear market' territory. This Index is a broad global gauge for stock markets.


  • Nikkei -3.51%
  • Shanghai Closed
  • HK -0.53%
  • ASX -1.15%

Still to come:

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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