Asian currency news today august 31 2011

Indonesia stock info Asian currency news today august 31 2011 ; USD/Majors: Traders endured what must be an extended version of Groundhog Day, in terms of ranges, if not exactly in prices. EUR bounced up from sub 1.4400 levels on sovereign demand but still generally stuck in a general range of 1.44-1.4600. AUD and NZD however were both trading at the higher end of their recent ranges on thin trading but it wasn't anything to worry long positions. Movement in GBP was sleep-inducing as well, with prices in a range of less than 20 pips. USDCHF bounced off from the 0.8200 resistance on thin trading. Equity indices carried on where they left off yesterday and were mostly modestly up across the board.
JPY Crosses: USD/JPY weakened marginally from 76.67 to 76.58 in the morning session in part due to slew of poor domestic data. EUR/JPY followed a similar pattern on softer EUR/USD tone - just the extent of drop was substantial - from 110.74 to sub-110.50. AUD/JPY slipped first from 81.85 to 81.67, but managed to recover on AUD/cross bids amid broad gains in Asian regional indices. Nikkei flatlined into lunch.

USD/Asians: Thin trading continued today with handful of markets in Southeast Asia still closed for Idul Fitri. Caution in early trade was swiftly washed away as regional indices retained a risk-on mood with STI, SETi and PSEi up >1%. Weakness in EUR however set a consolidative tone for USD/regional currencies even as Asian equities rallied. KRW was up a modest 0.21% on exporters-demand followed by SGD at 0.12%, whereas THB and HKD lost 0.07% and 0.04% respectively. Malaysia, Indonesia and India are closed today. On the data front, Thailand's current account and trade figures are due at 0730 GMT.


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