OctaFX | OctaFX Forex Broker
Open trading account
Back

Asia Recap: USD big loser on stop-loss hunting

FXStreet (Bali) - The US Dollar was the big loser in Asia after a major stop loss-driven move, with the Kiwi being the main beneficiary, along with the Australian Dollar.

It all was relatively quiet ahead of the Australian building approvals release. Once the data was out, which saw an acceleration in the building permits for August (+3% vs +1% exp), the Australian Dollar set the ball rolling, appreciating towards 0.88 as Kiwi did so towards Wed's high at 0.78855.

Then, out of the blue, a cascade of stops got triggered against all things USD, with the Kiwi reaching its highest at 0.7930, AUD/USD at 0.8815, USD/JPY printing new lows at 108.58, EUR/USD breaching 1.2630 resistance to set new intraday highs at 1.2670, while GBP/USD also jumped significantly towards 1.6250. The US Dollar has managed to pare some of its sizeable losses.

In the fundamental front, New Zealand, we saw the ANZ Commodity Price Index for September coming at -1.3% m/m vs -3.3% last. We also heard both ANZ and Westpac cut their forecast for Fonterra 2014/15 milk price payout by 40 and 45 cents to NZ$4.85/kg and NZ$4.80/kg respectively. RBA members said the the central bank continues in talks with APRA on sound lending practices. Also in Australia, the trade balance for August stood at -787m vs -800m exp, while, as mentioned, building permits for August came at +3% vs +1% exp.

EUR/JPY recovering from 137.29 low

EUR/JPY has recovered from the Asian low at 137.29 and settled around 137.50, marginally higher on the day
Read more Previous

EUR/USD off lows, nervous ahead of ECB

EUR/USD started the day at 1.2616 and managed to climb towards 1.2656 without any special reason for the upside except for USD downside correction across the board
Read more Next
Start livechat