Asian Session Recap – April 8, 2014

  • Australia NAB business confidence down from 7 to 4
  • No monetary policy changes from BOJ
  • Japanese Economy Watchers sentiment index up from 53.0 to 57.9
  • Swiss retail sales up by 1.0%
  • U.K. manufacturing production data coming up

Consolidation was the name of the game for today’s Asian trading session, as the only highlight was the BOJ interest rate decision. And even that didn’t set off any fireworks in the forex market!

BOJ Governor Kuroda and his men decided to keep monetary policy unchanged for the meantime, citing that the Japanese economy continues to perform well despite the recently implemented sales tax hike. He did mention that there are some cautionary signs from the latest Tankan survey but also pointed out that price pressures are expected to strengthen in the coming months. He even went on to say that the CPI will probably reach their 2% target by the end of the year.

It seems that London session traders are off to a running start, as we saw significant breakouts among several currency pairs. Switzerland just reported a 1% gain in retail sales, outpacing the estimated 0.9% gain and allowing USD/CHF to sink further. Do take note that the U.K. is set to print its manufacturing production data in a bit and this might lead to more action among pound pairs.

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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