Asian Session Recap – December 12, 2013

  • Kiwi still lifted by RBNZ’s hints at a rate hike
  • Nikkei index posts small increase
  • SNB interest rate statement coming up
  • ECB President Draghi to give a speech

Most major currencies stayed stuck in ranges for most of today’s Asian trading session, with the exception of AUD/USD and NZD/USD. The Kiwi was still supported by a relatively hawkish RBNZ interest rate statement, as Wheeler hinted of a potential rate hike to keep inflationary pressures at bay. Meanwhile, stronger than expected gains in hiring were not enough to boost the Australian dollar against its counterparts since the jobless rate ticked up from 5.7% to 5.8%.

Yen pairs chalked up small gains in the past few trading hours, as the Nikkei stock index ended the session in the green. However, pairs reverted back to consolidation in anticipation of the upcoming economic data for the London session.

The SNB will make its monetary policy statement and, with franc pairs trading close to intervention levels, traders will be all eyes and ears for potential jawboning from SNB Chairman Thomas Jordan. No interest rate changes are expected.

Also coming up in the next trading session is Draghi’s speech, which might spark more volatility among euro pairs. The ECB monthly bulletin and euro zone industrial production data are also up for release.

See also:

U.S. Session Recap

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