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Session Recap: Aussie punished on Aus retail sales; Euro holds onto gains

The Australian Dollar continues to show heavy price activity after a big miss in the Australia retail sales data, which strengthens the case for further rate cuts by the RBA down the road. According to the futures rate market, the chance of a rate cut stands around 50% in March now against 45% prior to the sales data.

One currency which continues to suffer its own torment is the Japanese Yen, overstretching its bearish trend to new lows against all its competitors in the G10 pack except the Aussie. The Euro saw very limited moves, firm near highs.

Main headlines in Asia

- Dangerous escalation in tension between China/Japan

- China and Japan tensions remain high; risk trades to be affected?

- Wall Street recovers from worst day in 2013 but Dow remains below 14,000

- RBA easing phase has ended: HSBC

- Australian retail sales Dec under-delivers; heightened expectations RBA cut

- AUD/NZD prints fresh 29-month lows on poor Aus retail sales data

- USD/JPY has a final capitulation feel to it now - RBS

- March RBA rate cut becoming audible - NAB

- Early departure from BoJ Shirakawa marginally positive for USDJPY - Nomura

- Reuters article recap of BOJ’s Sato’s speech

Japanese Vice Finance Minister Shunichi Yamaguchi – recap of comments

- NIkkei up nearly 4%

Forex: A Euro of high-caliber faces 1.36

The Euro displayed another mastery performance across the board on Tuesday, leaving open-mouthed many market participants due to the incessant heavy buys of Euros since early in the last London session at 1.3460.
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Forex: EUR/USD grinding lower, around 1.3560/65

The single currency is retracing yesterday’s gains in the area around 1.3570 on Wednesday, ahead of German Factory Orders due later. Prior surveys expect the headline to contract 1.2% in a year to December...
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