Asian market wrap 12 8 2011
Asian market wrap
Written by Sean Lee
August 12, 2011 at 04:37 GMT
* Belgium, France, Italy and Spain ban short-selling for next two weeks
* Plenty of verbal intervention from Japanese ministers but no actual intervention
* Japan cuts GDP forecast
* Regional stockmarkets up by 1%
* Gold falls early on reduced risk aversion but rebounds late to finish 1% higher at $1768/oz
Quiet day finally after a very hectic week. Risk trades edged lower in typical Asian risk-averse trading.
EUR/USD opened near its session highs at 1.4240 but has gradually drifted lower with EUR/JPY and EUR/CHF selling weighing. Ranges: 1.4171/1.4241
USD/JPY tried to move higher in early trade as the usual intervention rumours abounded. This move has slowly unwound as the session progressed. Ranges: 76.74/77.02
USD/CHF and EUR/CHF have slowly edged lower on typical Friday risk aversion.
AUD/USD has followed the EUR lower with AUD/JPY selling the main impact. Ranges: 1.0269/1.0349
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