Asian Session Recap – December 16, 2013

  • Nikkei posts 1.62% loss for the day
  • Chinese HSBC flash manu PMI falls short of expectations at 50.5 for Dec
  • Nov Chinese HSBC manu PMI revised up from 50.5 to 50.8

So much for starting the week on a strong note! Several major currencies erased their gains in Monday’s Asian session, as China printed a weaker than expected HSBC flash manufacturing PMI. The actual figure came in at 50.5 versus the estimated 51.0 reading, but the previous month’s figure was revised up from 50.5 to 50.8.

Yen pairs also chalked up small losses, as the Nikkei index printed a 1.62% loss for the trading session, despite the strong improvement in the Tankan figures. Components of the report revealed that sentiment improved among large and small business in Japan, as overall business confidence climbed to its highest level in six years.

Up ahead, we have the French and German manufacturing and services PMIs. Small improvements are eyed, which should be positive for euro pairs. However, weaker than expected results might undo some of the gains posted by EUR/USD and EUR/JPY.

See also:

U.S. Session Recap

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