Asian Session Recap – February 14, 2014

  • China Jan. annualized auto sales up by 6.0% in Jan. (record high)
  • China consumer prices up by 2.5% in January vs. 2.3% estimates
  • China PPI -1.6% vs. -1.7% expected
  • Nikkei closes down 1.53% at 14,313.03
  • French Q4 2013 prelim GDP grows by 0.3% vs. 0.2% expected
  • German Q4 2013 prelim GDP grows by 0.4% vs. 0.3% expected

The yen was the star of the show in today’s Asian session as weak Nikkei performance and continued USD weakness dragged the yen crosses lower.

Although there were no notable catalysts, Nikkei ended the day down 1.53%. This didn’t help USD/JPY, which had been struggling to find support at 102.00. The pair briefly touched the 101.50 area and inspired a small selloff in other yen crosses.

It wasn’t all bad news for the currencies though. Positive reports from China encouraged a bit of risk taking. The comdolls in particular benefited from the good news with AUD/USD touching .9020, NZD/USD popping above .8350, and USD/CAD dropping to 1.0950.

Let’s see if the London session traders continue to push the yen higher. Pay attention to the euro as Italy’s GDP is scheduled at 10:00 am GMT and the euro zone’s trade balance and preliminary GPD are due at 11:00 am GMT.

See also:

U.S. Session Recap

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