Asian Session Recap – February 10, 2014

  • Japan economy watchers index at 54.7 vs. 55.7 previous
  • Japan’s recent current account surplus hits record low
  • Japan bank lending up by 2.5% in January vs. 2.6% in December
  • Switzerland January unemployment rate unchanged at 3.2%
  • Nikkei closes up 1.77% at 14,718.34

Currency price action was muted for most of the Asian session thanks to a lack of market-moving data from the Asian economies. EUR/USD is just 20 pips away from its open price while GBP/USD is lollygagging near the 1.6400 psychological area. Even AUD/USD, USD/CAD, and NZD/USD are less than 40 pips from where they started the trading session.

The yen also stayed in relatively tight ranges despite the release of worse-than-expected data. Japan’s current account balance printed a 3.31 trillion JPY surplus, its smallest in nearly three decades. Apparently, energy needs and domestic growth demand under the government’s growth strategy had pushed up imports. USD/JPY briefly touched 102.65 at the release before heading back to the 102.00 area.

Will we see more action during the London session? Keep an eye out for French industrial and manufacturing production out at 7:45 am GMT, followed by Italy’s industrial production out at 9:00 am GMT. Last but not the least, the Sentix investor confidence index will come out at 9:30 am GMT.

See also:

U.S. Session Recap

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