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6 Jun 2014
Asia Recap: Consolidation ahead of the NFP
FXStreet (Bali) - It was, as one would expect, a boring sideways session in Asia, with traders sidelined ahead of the US Non Farm Payrolls.
While all G10 currencies were confined in 10 pips ranges, with no major moves to report, in the fundamental front, there was a bit more of action, with the main focus being on news that Japanese Prime Minister Abe has urged to review the GPIF portfolio re-allocation as soon as possible. The reallocation was currently set to take place by the end of March 2015, although judging by the latest headlines, it may happen anytime this summer, with July or August the most likely months.
According to Japan’s Health Minister Norihisa Tamura, who is the main responsible overseeing the GPIF: “We believe a change in GPIF’s portfolio must be dealt with as soon as possible”
In other news, New Zealand government’s fiscal deficit came less than expected in April, while in Australia, the AIG construction PMI for May printed 46.7 vs 45.9. Lastly, a World Bank report suggested signs of improvement in the Chinese economy.
While all G10 currencies were confined in 10 pips ranges, with no major moves to report, in the fundamental front, there was a bit more of action, with the main focus being on news that Japanese Prime Minister Abe has urged to review the GPIF portfolio re-allocation as soon as possible. The reallocation was currently set to take place by the end of March 2015, although judging by the latest headlines, it may happen anytime this summer, with July or August the most likely months.
According to Japan’s Health Minister Norihisa Tamura, who is the main responsible overseeing the GPIF: “We believe a change in GPIF’s portfolio must be dealt with as soon as possible”
In other news, New Zealand government’s fiscal deficit came less than expected in April, while in Australia, the AIG construction PMI for May printed 46.7 vs 45.9. Lastly, a World Bank report suggested signs of improvement in the Chinese economy.