Currency Analyst since 2010

Feb. 5: Asian session

Asian shares were mostly higher Wednesday as wary investors took heart from the recovery overnight in US market, but there wasn’t much bounce to the rebound. Japanese Nikkei rose by 1.4% after dropping by 4.2% on Tuesday as Japanese companies posted earnings that cheered investors.

USD/JPY declined to 101.23. Yen strengthened as Pacific Investment Management Co.’s Bill Gross said risk assets are vulnerable, supporting demand for haven currencies. EUR/JPY tested levels below 137.00.

AUD/USD faced resistance at $0.8940 and retraced a part of yesterday’s gains, sliding to $0.8890. The market is now looking forward to the Friday’s RBA policy statement for more details on the renewed policy stance. NZD/USD strengthened to $0.8205 on upbeat employment data. New Zealand employment in December increased well above the forecast by 1.1% (forecast: +0.6%), while the jobless rate declined from 6.2% to 6.0%. NZ participation rate for Q4 increased to 68.9 vs. the expected 68.6% and the prior 68.6%.

EUR/USD is trading on the downside, just above $1.3500. GBP/USD approached yesterday’s high in the $1.6340 area.

Scroll to top