USD/JPY had a swing in the Tokyo morning – trading up from lows around 97.75/80 to touch 98.28 before reports hit the wires of both Japan’s chief cabinet secretary Suga and Japan’s finance minister Aso saying there was no truth to the report that Japan’s PM Abe had instructed a corporate tax cut. On Monday the Nikkei traded solidly higher on reports Abe had ordered such a cut, and today’s disavowal saw it trade off. USD/JPY plunged 60 points on the Suga and Aso comments. Earlier in the day the Australian dollar had found support around 0.9120/25, trading higher to stall around 0.9150/55. It popped higher later in the Tokyo morning to highs above 0.9175. Japanese bond buying and stories of China stimulus were said to be behind the strength. EUR/USD broke through 1.3270 resistance as the Aussie popped its 50/55 highs, getting to 1.33 before stabilizing. GBP was quiet, following the EUR move but not to the same extent.
Posted on: Thu, 15 Aug 2013 05:05:22 +0000
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