Article Highlights

  • AU MI leading index clocks in at 0.0% vs. 0.1% growth in October
  • NZ credit card spending up by 4.1% vs. 10.1% uptick in October
  • Japan’s all industries activity up by 0.2% vs. 0.1% expected, 0.0% previous
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The low-yielding Greenback sustained more hits today, as Asian session forex traders took on higher-yielding currencies despite the light data flow.

Major Events:

Extended party for Kiwi bulls – As I mentioned in my U.S. session recap, New Zealand printed mixed economic reports. The latest dairy auction reflected the first price decline in two months while the trade deficit was less than the previous month’s shortfall.

It seems the bulls won this round though, as the Kiwi shot up higher against most of its counterparts during the Asian session.

Overall risk appetite – With not a lot of data on the docket, Asian session investors mostly tracked yesterday’s Wall Street gains. In the currency arena, this translated to demand for higher-yielding currencies, which likely fuelled profit-taking from long dollar trades.

Nikkei, boosted by the Japanese government’s upward revisions to their outlook, is up by 0.24%. Australia’s A SX 200 is also up by 0.51% while Hang Seng and the Shanghai index gained 0.59% and 0.95% respectively.

Major Market Movers:

USD – The dollar was the biggest loser across the board thanks to overall risk-taking and a bit of profit-taking. EUR/USD is up by 21 pips (+0.20%) to 1.0409, USD/JPY slipped by 14 pips (-0.12%) to 117.67, Cable inched 15 pips higher (+0.12%) to 1.2380, and USD/CHF dipped by 11 pips (-0.11%) to 1.0276.

Even comdoll traders felt no love for the Greenback, as AUD/USD was pushed 2 pips higher (+0.03%) to .7255, USD/CAD fell by 4 pips (-0.03%) to 1.3368, and NZD/USD rose by 19 pips (+0.28%) to .6934.

NZD – Mixed data from New Zealand didn’t stop the bulls from attacking today, as the high-yielding comdoll gained against most of its counterparts.

NZD/JPY is up by 13 pips (+0.16%) to 81.61, AUD/NZD dipped by 28 pips (-0.27%) to 1.0461, and GBP/NZD slipped by 28 pips (-0.16%) to 1.7853.

Watch Out For:

  • 10:30 am GMT: U.K. public sector borrowing (11.5B GBP expected, 4.3B GBP previous)

See also:

U.S. Session Recap
London Session Recap

Bonnie and Clyde, peanut butter and jelly, Kanye West and Kanye West. Some things just go well together.

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