Binary Options News : August 13, 2013
Yen Falls As Nikkei Soars
Most Asian stocks traded higher in overnight trading, rising for a fourth consecutive day, as stocks in Japan – the world’s third largest economy climbed on a weakened Yen caused by a report released showing machinery orders beat estimates whilst speculation is heightened that Japanese Prime Minister Shinzo Abe is mulling over a corporate tax cut.
The Japanese Economic and Social Research Institute reported that core machinery orders dropped 2.7% in July after a 10.5% increase in June. This was however, better than the 7.2% decline analysts had been expecting and with the release of the minutes from the Bank of Japan’s July meeting reporting that it expects its economy to show moderate growth for 2013.
Asian stocks rose for 4th day led By Japan’s Nikkei 225 gaining 2.57% Singapore’s Straits Times Index rose 0.24%, South Korea’s Kospi gained 0.88% with China’s Shanghai Composite inching up 0.04% whilst Hong Kong’s Hang Seng Index jumped 1.08%. Australia’s S&P/ASX 200 rose 0.96% on rate cut talk after the National Australia Bank business confidence index declined to -3 in July, making it the worst reading since November last year.
The US Dollar was mixed in overnight trading as investors await the U.S. retail sales data, released later today. The EUR gained 0.07% on the USD whilst the GBP/USD rose 0.11%. In what was a low volume trading session, Japanese data and BoJ minutes helped push the Japanese Yen down 0.54% against the greenback whilst against the commodity linked currency pairings of the AUD/USD, the USD gained 0.11% and 0.07% respectively.
Crude Oil reversed early session modest declines to rise 0.34% in overnight trading as investors found safe haven in the commodity markets. Gold gained 0.28% and Silver rose 0.96% as the markets await the key data from the US later today. Natural gas continued where it left off yesterday with more gains overnight – up 0.45% after rising nearly 3% yesterday.
A low volume Asian trading session should be a different story for European trading when markets open there as a raft of key data from the the UK and the Eurozone will drive market movement before the key US Retail sales data later in the day. Expect support for the EUR throughout the morning whilst the Precious metals look like continuing to be a safe haven for investors pre US retail sales.
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