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Topic: Asian Session Forex Recap – Jan. 28, 2015

- Australia’s CPI up 0.2% in Q4 2014 vs. estimated 0.3% gain
- Australian trimmed mean CPI showed higher than expected 0.7% increase
- Nikkei up 0.15% for the day
- Singapore central bank decided to ease monetary policy
- Swiss UBS consumption indicator and German GfK consumer climate index due

Surf’s up for the Aussie! The Aussie cruised higher in the forex charts when the Land Down Under printed a relatively strong inflation report. The headline CPI showed a 0.2% gain for Q4 2014, slightly lower than the estimated 0.3% increase, while the trimmed mean CPI or its core inflation reading logged in a better than expected 0.7% rise.

AUD/USD is up 79 pips (+0.99%), AUD/JPY is 101 pips (+1.08%), and EUR/AUD is down 155 pips (-1.08%). Economic analysts remarked that the latest CPI report from Australia indicates that annual inflation is still within the RBA’s target, which suggests that the central bank isn’t likely to cut interest rates anytime soon.

Meanwhile, the Monetary Authority of Singapore gave Asian markets a bit of a shock earlier today when they announced their decision to ease monetary policy. The central bank made use of trade-weighted exchange rate policy band to maintain price stability, allowing the currency to fluctuate lower in order to spur inflationary pressures. The Nikkei still managed to escape with a 0.15% gain for the day, with the yen holding steady against most of its forex counterparts.

According to our trusty forex calendar, price action could be relatively calm in the upcoming London session, with only a few medium-tier reports on tap. Watch out for the release of Switzerland’s UBS consumption indicator at 8:00 am GMT if you’re trading the franc and the German GfK consumer climate index if you’re trading the euro. Traders might also be biting their nails ahead of the FOMC statement so a bit of consolidation could be seen in the next few hours.

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