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Session Recap: Asia tumbles on big China HSBC PMI miss; Yen recovers ground

FXstreet.com (Barcelona) - A busy session today in Asia-Pacific out of the thin and boring range usual trade, with USD/JPY first printing session highs at 103.58 to reverse on risk aversion to session lows last at 102.47, with Aussie also plummeting to fresh 11-month lows barely above the 0.96 handle, and EUR/USD steady around the 1.2850 after fresh session and 2-day lows at 1.2823.

Nikkei index went from a fresh 5.5-year high barely below the 16000 points mark by early Tokyo trade, up +1.72% for the day, to end down -3% at the moment, almost 1k points lower. Big red all over Asia-Pacific share markets but Shanghai that breaks even at +0.07%. Hong-Kong's Hang-Seng is down -1.75%, Australian ASX -1.71%, and Korean Kospi -0.67%.

The catalyst for such a reversal has been much lower than expected China HSBC flash manufacturing PMI that came in below the key 50 level for first time since past October, posting a 49.6, when 50.5 was expected, slightly higher than previous 50.4. MI Inflation expectations in Australia came in better than expected at 2.3%, but couldn't help bad news coming from Ford saying will cut production in Australia by Oct 2016, and bad China figures.

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EUR/AUD posts a fresh 1.5-year high above 1.33

Ford Australia confirms its closing two plants

Australia May Consumer Inflation Expectation up to 2.3% vs 2.2%

China May HSBC Manufacturing PMI down to 49.6 vs 50.4

Aussie continues slide lower after HSBC PMI misses estimates

AUD/NZD glued to 1.20 despite Aussie disaster

GBP/JPY edging lower towards support at 154.50

USD/JPY turns below 103.5 on bad China data

EUR/USD - More volatility expected with EU PMI on tap

EUR/USD - More volatility expected with EU PMI on tap

It was a volatile day for the EUR/USD, which was not surprising given the amount of economic data coming out of the US during the previous session. To kick things off, we had Fed Chairman Bernanke’s testimony in front of congress which started at 14:00GMT and sent the EUR/USD on a roller coaster ride, initially trading as high as 1.2998 before sharply reversing all gains and closing down 53 pips at 1.2852. Later in the day, we received the the most recent FOMC meeting which gave the pair a small bounce but not near to recover from earlier losses.
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USD/JPY selling off below 102.30 as Nikkei nears the close at lows down -4.46%

Following a fresh 5.5-year high in Nikkei at almost the 16k handle, and up +1.75% for the day by early Tokyo trade by then, the index suddenly reversed to the downside on worst China HSBC PMI data coming out in 6 months. Panic selling added to profits taking in equities pushed the Yen higher, making USD/JPY to sell-off to fresh session lows at 102.45.
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