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Currencies Range Bound Ahead Of Central Bank Rate Decision PDF Print E-mail

Currencies were range-bound in Asian trading on Thursday, after some wild swings on Wednesday, with the market now focused on the ECB and BOE policy announcements later in the day, as well as the upcoming US employment data on Friday 02-02-2009.

  • EUR/USD opened around 1.2856 in Tokyo and dropped to 1.2798 in attempts to take out stops under 1.2790 but failed, bouncing back to 1.2845 in the afternoon.
  • USD/JPY has held the same range for days, due to ongoing option expirations, with a range of 89.22-89.50 seen once Tokyo opened.

Various Asian officials warned of deteriorating economic conditions with Singapore's finance minister noting continued momentum in the economic downturn.

BOJ"s Mizuno stated that Japan's economy is in a hard landing and faces a downward spiral, and that the BOJ should be prepared to take unconventional steps.

Asian stocks were mixed with Hong Kong and China higher on stimulus hopes but the Nikkei falling in reaction to US stock losses.

US bond yields maintained the gains made in NY on the back of upcoming issuance. Oil held just above $40 and gold held above $900, underpinned by new forecasts for gold to rise to $1000.
 
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