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Asia Recap: USD enjoys early follow through

FXStreet (Bali) - On the back of a more hawkish-than-anticipated FOMC, which saw the USD boosted across the board, we experienced some early follow through in Asia, although as one would expect along this timezone, further legs up on the USD failed to materialize.

AUD/USD printed a new low at 0.8760 before a virtually zero bounce, with price consolidating near lows. NZD/USD saw its cheapest level being paid at $0.7763 before a bounce towards $0.78. USD/JPY has been pivoting around 109.00 round number after printing its highest at 109.10 amid a buoyant Nikkei 225, up over 0.67%. EUR/USD has been trading softer, although the bleeding for longs has come slow, with the pair currently exchanging hands at 1.2616 day lows. GBP/USD saw a sharper slide, hitting lowest at 1.5961 after 1.60 breakout.

In the fundamental space, Japanese foreign investment in locals stocks came at ¥178B (October 24) vs ¥-412.6B (prior week), with Japanese foreign bond investment at ¥40.6B (October 24) vs ¥-1169.1B prior week. Also in Japan, Japan PM Abe crossed the wires, saying that "won’t use pension fund management directly to boost stock prices." In Australia, the Housing Industry Association (HIA) New Home Sales for September stood at 0.0% MoM vs +3.3% last. Meanwhile, Australian import price index (QoQ) came at -0.8% in Q3, significantly below expectations of 0%, while the export price index (QoQ) in Q3 was -3.9% vs forecasts of -4.8%. In New Zealand, RBNZ FX data for September showed the Central Bank sold net $30 million NZD, which comes in stark contrast with 521 million NZD sold during August, when the NZ intervention campaign began.

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