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Published: 2025-09-17T05:07:44.000Z

Asia Summary and Highlights 17 Sep

-

Still waiting for FOMC

Asia Session

The August Japan trade data has come in less worse than expected. While export to the U.S. slumped more than 10% y/y (headline -0.1%), the deficit in trade balance has been narrowed by lower energy prices, which shows import to contract by 5.2% y/y.  USD/JPY is trading 0.06% lower at 146.38 as JGB outperform U.S. Treasury Yields.

Market participants are still waiting for FOMC with anticipation a 25bps cut. Global equities are performing individually with U.S. & Japan major equity indexes lagging and regional equities outperforming in China and Hong Kong.  AUD/USD is trading 0.15% lower at 0.6675, NZD/USD is trading 0.12% lower at 0.5981 while USD/CAD rises 0.07%. Else, EUR/USD is down 0.07% and GBP/USD is up 0.01%.

North American session

US data, with a 0.6% rise in August retail sales and to a lesser extent a 0.1% rise in August industrial production, was on the firm side of expectations, but generated only a brief reaction before a negative USD tone resumed. Stephen Miran was sworn in as a Fed governor, adding a likely dovish vote. 

USD/JPY fell below 146.50 from 147.10 and EUR/USD advanced to 1.1860 from 1.1.1810. EUR/GBP was stronger near .8690 but EUR/CHF was weaker near .9330. 

Canadian CPI at 1.9% yr/yr in August from 1.7% was slightly softer than expected. USD/CAD at 1.3750 from 1.3760 was slightly softer but AUD/CAD advanced to .9185 from .9170.  

 

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