Asian Session Recap – Sept. 24, 2014

  • Australia’s CB leading index up by 0.5% in July
  • Japanese flash manufacturing PMI down from 52.2 to 51.7 in Sept
  • German IFO business climate report due

The Greenback’s forex performance was as mixed as a bag of nuts, as the U.S. currency advanced to the euro and franc but gave up ground to the Japanese yen. USD/JPY dipped to a low of 108.46 before recovering to 108.67 while EUR/USD continued to hover below the 1.2850 handle.

Data was light in today’s Asian forex trading session, as the only releases were Australia’s CB leading index and Japan’s flash manufacturing PMI. The Australian dollar drew a bit of support from the 0.5% increase in July’s CB leading index, although the previous month’s reading was downgraded. AUD/USD climbed to a high of .8881 while AUD/JPY bounced off 96.09 after the release.

Japan’s flash manufacturing PMI for September came in weaker than expected at 51.7, down from the previous 52.2 reading and lower than the estimated 52.5 figure. This indicates that industry expansion slowed down this month, leading to a bit of yen weakness in the past few hours.

Germany will release its IFO business climate report at 9:00 am GMT today and possibly show a decline from 106.3 to 105.9, which would reflect weaker optimism in the sector. A lower than expected reading could lead to more losses for the euro while a higher than expected result could keep the shared currency afloat.

U.S. Session Recap

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

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