Asian Session Recap – November 27, 2013

  • BOJ’s Shirai hints at more easing, talks of downside risks
  • PBOC to set up deposit insurance system

The major currency pairs mostly traded on tight ranges during the Asian session on a lack of major catalysts. The higher-yielding currencies started the day strong on an overall uptick in risk appetite but quickly encountered resistance at intraday inflection points.

BOJ board member Sayuri Shirai tried to warn that the central bank’s 2% inflation target might not be too realistic and that there are more downside risks to consider. Fortunately, she also stuck to the BOJ’s overall tone of being ready to act if needed. By the end of the Asian session the yen pairs had already retraced some or all of their losses.

Over the next few hours we’ll see the GfK German consumer climate at 10:00 am GMT followed by the U.K.’s second quarterly GDP estimate at 10:30 am GMT. Oh, and watch out for the CBI realized sales coming up at 12:00 pm GMT!

See also:

U.S. Session Recap

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