5 Mar 2015
Asia Recap: AUD shaken within range, NZD weaker
FXStreet (Bali) - The Australian and New Zealand Dollar were the main overs in Asia, the former contained in a range, while the latter gave back most of its gains daily gains.
AUD/USD posted its highest of the session at 0.7840 after comments from the RBA Deputy Governor Lowe, giving a speech at the Goldman Sachs Annual Global Macro Economic Conference in Sydney, with the topic 'Low Inflation in a World of Monetary Stimulus'.
Among the most relevant headlines from Lowe, he said that the Aussie is closer to fair value than in past couple of years, adding that their objective is not to push AUD lower. Lowe also said that they have scope to lower interest rates if appropriate.
Also in Australia, we saw Australia's retail sales s.a. (MoM) meeting forecasts at 0.4% in January, while the trade balance registered at -980M in January, slightly below expectations of -950M.
In China, the country cut its 2015 GDP growth target to around 7% against prior 7.5%, with the CPI target also downgraded to around 3% vs 2014 3.5%, MNI reports.
NZD/USD came under pressure off 0.76 topside offers, with comments from the RBNZ partly to blame for the fall. Headlines crossed the wires that the RBNZ is consulting on possible new lending requirements for property investors, market sources reported. The RBNZ is looking to implement stricter macro-prudential pressures in order to address soaring housing prices, mainly in Auckland and Christchurch.
The Japanese Yen traded a touch softer, with USD/JPY approaching 120.00 again, although for now, offers circa 119.80 are still holding. The pair was quieter-than-usual ahead of Friday's NFP. Prove of that was the performance of the Nikkei 225, heading into Europe flat at -0.01%.
AUD/USD posted its highest of the session at 0.7840 after comments from the RBA Deputy Governor Lowe, giving a speech at the Goldman Sachs Annual Global Macro Economic Conference in Sydney, with the topic 'Low Inflation in a World of Monetary Stimulus'.
Among the most relevant headlines from Lowe, he said that the Aussie is closer to fair value than in past couple of years, adding that their objective is not to push AUD lower. Lowe also said that they have scope to lower interest rates if appropriate.
Also in Australia, we saw Australia's retail sales s.a. (MoM) meeting forecasts at 0.4% in January, while the trade balance registered at -980M in January, slightly below expectations of -950M.
In China, the country cut its 2015 GDP growth target to around 7% against prior 7.5%, with the CPI target also downgraded to around 3% vs 2014 3.5%, MNI reports.
NZD/USD came under pressure off 0.76 topside offers, with comments from the RBNZ partly to blame for the fall. Headlines crossed the wires that the RBNZ is consulting on possible new lending requirements for property investors, market sources reported. The RBNZ is looking to implement stricter macro-prudential pressures in order to address soaring housing prices, mainly in Auckland and Christchurch.
The Japanese Yen traded a touch softer, with USD/JPY approaching 120.00 again, although for now, offers circa 119.80 are still holding. The pair was quieter-than-usual ahead of Friday's NFP. Prove of that was the performance of the Nikkei 225, heading into Europe flat at -0.01%.