FXWW News/Open/Wrap

Quick overview of busy Asian session

  • Yen crosses opened with a very bullish tone after US data;
  • AUD/USD broke higher after higher-than-expected domestic inflation data, taking out technical resistance at .9715 (50% Fibo) but stalling ahead of the 200-DMA near .9750;
  • AUD/NZD took out stops above 1.1450;
  • China set a new record high mid-point for the Yuan;
  • EUR/USD rallied towards 1.3800 but ran into very heavy offers on interbank trading platforms;
  • NZD/JPY was the first of ‘risk’ pairs to turn aggressively lower;
  • Many are blaming this story, http://www.bloomberg.com/news/2013-10-22/biggest-china-banks-triple-debt-write-offs-to-brace-for-defaults.html;
  • Equity markets fell heavily and USD/AXY turned sharply higher;
  • Yen crosses got smashed with trailing stops triggered across the board;
  • NZD/JPY led the rout, down by over 2%.

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