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Norway keeps interest rates on hold
AUDJPY fails at 100 – barrier option cited
AUDUSD lower on RBA official quoted as saying that the Feb jobs data due to a statistical error
SNB: Prepared to buy foreign currencies in unlimited quantities
Order board: EURUSD
RBA’s Kent – Wouldn’t want to amend overall jobs forecast on one set of data
USDJPY leading the way again
European equity markets – early gains noted
RBA’s Kent : Economic growth expected to be a little below trend this year
AUDUSD: A new range or temporary rally ?
Trading ideas
EURJPY:The buyers prevail but the rallies are weaker
UK press: What the papers say
Option expiries 10 am NY cut
Reminder for AUD traders: RBA’s Kent speaks at 0700GMT
ForexLive Asia wrap: Australian employment figures come in hugely above expectations
Japan final January industrial output +0.3% m/m (vs. +1.0% for the preliminary)
Bloomberg article: China’s Power Consumption Declines 12.5% in February on Holiday
The world holds its breath for April 13. This is gonna be big :-)
Japan lower house endorses all 3 BOJ leadership nominees

Norway keeps interest rates on hold

Posted: 14 Mar 2013 02:02 AM PDT

Norges Bank leaves key interest rate unchanged at 1.5% as expected

AUDJPY fails at 100 – barrier option cited

Posted: 14 Mar 2013 01:41 AM PDT

Talk of large barrier option at 100 being defended and coinciding with RBA comments re glitch on jobs data

AUDUSD lower on RBA official quoted as saying that the Feb jobs data due to a statistical error

Posted: 14 Mar 2013 01:35 AM PDT

on the wires
AUDUSD curently down at 1.0344

Add: turns out it came from Mr Kent the assistant governor in his comments after giving a speech earlier.

He noted that some of the gain might have been due to statistical reasons as the survey sample for the series was rotated to include new participants..

Eamonn highlighted this earlier.

SNB: Prepared to buy foreign currencies in unlimited quantities

Posted: 14 Mar 2013 01:33 AM PDT

correction to previous post
Holds 3 month libor at target range of 0.00-0.25%
Sees 2013 inflation -0.2%
2014 inflation +0.2%
2015 inflation +0.7%

Order board: EURUSD

Posted: 14 Mar 2013 01:29 AM PDT

offers 1.2980, 1.2990-1.3000, 1.3020 ( stop loss buying if breached) ,1.3030
bids 1.2925,1.2900, 1.2880,1.2950

RBA’s Kent – Wouldn’t want to amend overall jobs forecast on one set of data

Posted: 14 Mar 2013 01:26 AM PDT

Further comments following his speech earlier

Probably wise Mr Kent.

USDJPY leading the way again

Posted: 14 Mar 2013 01:22 AM PDT

Yesterday when I signed off I noted that USDJPY and USDCHF still looked well supported and this morning it’s USDJPY leading the way rising to 96.44 so far.

This is also giving support to EURJPY now touching 125.00, and thus EURUSD up at 1.2970

Let’s see if it continues or the EURJPY sellers return

European equity markets – early gains noted

Posted: 14 Mar 2013 01:14 AM PDT

FTSE +0.2%
DAX +0.5%
CAC 40 +0.5%
IBEX +0.6%
FTMIB 1.00%

RBA’s Kent : Economic growth expected to be a little below trend this year

Posted: 14 Mar 2013 12:44 AM PDT

Just out on the wires. Apologies for late post but had an unexpected glitch on my pc.

Low interest rates supporting housing market
Sees further growth in housing contruction
RBA to analyse development in housing construction

The RBA’s assistant economic governor is speaking to the Institute of Building but there’s nothing mindblowing coming out right now, and the market is suitably non-fazed.

AUDUSD: A new range or temporary rally ?

Posted: 14 Mar 2013 12:16 AM PDT

After the huge increase in the Australian jobs data a few hours ago here’s how the pair looks now.

Are we into a new range now having taken out the decent size offers through 1.0350, or is this just a blip for bears to feast on?

We’ll let you, the jury, decide.

Trading ideas

Posted: 14 Mar 2013 12:05 AM PDT

Wow, it’s oh so quiet ( as Bjork once sang ) so let’s be having your trading ideas and thoughts to share in this thread.

As always, reasons welcome but not obligatory.

EURJPY:The buyers prevail but the rallies are weaker

Posted: 13 Mar 2013 11:16 PM PDT

Yesterday we told you about good size orders on this pair between 124.00-20 and the level held all day above 124.15 only for the rallies to be sold into. In Asia we posted 124.05 and bounced again. We wait to see whether the same pattern continues.

UK press: What the papers say

Posted: 13 Mar 2013 10:42 PM PDT

Here’s a brief round up courtesy of the London commuter freebie City am

Option expiries 10 am NY cut

Posted: 13 Mar 2013 10:33 PM PDT

Good day all !

Here’s today’s option expiries for later on as usual. Contrary to my original post there are s full set of expiries today, and a few are close enough to come into play

USDJPY, 94.50, 95.00, 95.25, 95.50, 96.00, 96.25, 96.50
EURUSD 1.2925, 1.2950, 1.2995, 1.3080, 1.3110, 1.3150
GBPUSD 1.4925, 1.5000
USDCHF 0.9450, 0.9500,
AUDUSD 1.0000 ( large )1.0200, 1.03100, 1.0310
NZDUSD 0.8215
AUDJPY 99.00
EURGBP 0.8675, 0.8755
EURCHF 1.2300, 1.2315, 1.2350

Reminder for AUD traders: RBA’s Kent speaks at 0700GMT

Posted: 13 Mar 2013 10:16 PM PDT

Assistant RBA Governor (Economic) Christopher Kent is speaking to the Australian Institute of Building in Sydney at 0700GMT (its listed on the RBA website from 0730GMT, I have 0700GMT from other sources. The RBA website is probably more accurate).

Just a heads-up for traders of AUD.

ForexLive Asia wrap: Australian employment figures come in hugely above expectations

Posted: 13 Mar 2013 10:01 PM PDT

The big news today in the Asian timezone was the astonishing Australian February employment figures release.

Australian February employment was up 71,500 vs. up 10,000 expected
Australian February unemployment was 5.4% vs. 5.5% expected (and participation rate up to 65.3% from 65% expected and previously)
More details here
Australia March MI inflation expectations 2.3% (vs. +2.2% prior)
Comments from the RBNZ's Wheeler: He regards today's fall in NZD as a good thing and sees the kiwi coming off further, perhaps quite sharply. He thinks the NZD is still 10 to 15% overvalued. Of course, Wheeler has form in talking down the kiwi
Comments from Abe economic adviser Koichi Hamada; he said USD/JPY may cross above 100 and that yen was not weakening too quickly
On an important procedural note, the US Federal Reserve is changing the timings of post-FOMC policy announcements and subsequent press conferences. Details here.
Xi Jinping has been formally named as President by the China National People's Congress
All 3 of Abe's nominees for the BOJ leadership positions, Kuroad, Iwata and Nakaso, were approved by the lower house of the Japanese parliament. The upper house vote is scheduled for 0100GMT on Friday (the 15^thMarch)
Japan final January industrial output +0.3% m/m (vs. +1.0% for the preliminary)
Japan January industrial production (final) y/y -5.8% (vs. -5.1% preliminary)
Japan January capacity utilization (final) m/m +1.7% (vs. +2.9% preliminary)

AUD/USD was the big mover today after the blow-out jobs figures (headline +71,500 vs. +10,000 expected), up from straddling 1.0300 just prior to the release to 1.0360/65 then to a high of 1.0384 before settling sideways for the balance of the session.

NZD/USD had its own swings following the 'no change' decision on rates in the late New York (or, early New Zealand I suppose) time zone. Wheeler's comments (see bullets, above) saw the NZD try to dip further but it was supported by bids ahead of 0.8160 and settled sideways too.

EUR/USD popped to resistance around 1.2975 as the AUD rallied but lost ground for the rest of the day to settle below 1.2950. GBP/USD, too, had a narrow range, ticking higher to 1.4950 but settling around 1.4925 into very early Europe.

And so to the yen. USD/JPY lost ground through the morning, despite Abe adviser Hamada making comments that should have been supportive. Buyers who missed out on getting long sub 95.60 in Europe overnight were on the bid above 95.70, which provided enough support and follow-through to take it back above 96.00 as I write.