Currency Analyst since 2010

July 24: Asian session


Asian shares traded near a 6-year high after a Chinese manufacturing gauge rose to its strongest reading in 18 months. MSCI Asia Pacific Index outside of Japan added 0.4%. Nikkei 225 is down by 0.34% as Japanese trade deficit widened more than expected. USD/JPY rose to 101.57, but then dipped below the opening level of 101.47.

NZD/USD fell by 120 pips in the Asian trade, hitting a one-month low of $0.8575. Despite the interest rate was raised again by 0.25% to 3.5%, RBNZ Governor Wheeler signaled a pause to the tightening cycle at least until December, as the regulator now needs time to access the impact of higher rates. June NZ trade balance came out better than expected with a 247M surplus, but the market didn’t pay much attention to that. AUD/USD consolidates in a narrow $0.9470/35 range. The price has initially spiked on upbeat China PMI, but is now below the yesterday’s high.

EUR/USD is trading a bit on the downside, but almost flat in the $1.3460/55 area. GBP/USD edged down to $1.7030.

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