Feb. 12: Asian session
- Stocks are on the upside
- Good data from China
- Stronger commodity currencies
Asian shares rose as good Chinese trade figures and comments by Fed’s Chairwoman Janet Yellen boosted optimism about the world’s two biggest economies. MSCI Asia Pacific Index added 1.1%. Japanese Nikkei is up by 0.7%. At the same time, US dollar doesn’t feel very confident versus its counterparts before a report tomorrow forecast to show that American retail sales stalled in January.
Australian and New Zealand dollars extended the post-Yellen rise on the back of the unexpectedly positive China trade figures. AUD/USD jumped by 50 pips, capped by the $0.9060 resistance for now (highest level since mid-January). Meanwhile, the Australian Westpac consumer confidence index came lower than expected (-3.0% m/m vs. -1.7% in January). NZD/USD rose to $0.8350. USD/JPY declined by 20 pips to 102.50.
EUR/USD slid to $1.3625 after peaking to $1.3683 yesterday. GBP/USD is little changed in the $1.6450 area.