Jan. 21: market news

January 21, 2014

Asian markets sprang higher on Tuesday as the People's Bank of China (PBOC) announced a surprise injection of funds on Monday aimed at curbing a recent spike in rates. US dollar got a slight blow from a Wall Street Journal’s report the Fed would again trim its bond buying next week.

Japanese stocks rebounded. Nikkei rallied by 1.5% and dragged up markets from Seoul to Singapore. MSCI’s broadest index of Asia-Pacific shares outside Japan swung round to be 0.5% firmer.

USD/JPY rose to 104.70. Commodity currencies slowed the upside on Tuesday, but still remain supported. NZD/USD strengthened a little on higher-than-expected CPI (+0.1% vs. -0.1% expected), facing resistance at $0.8340. Kiwi is underpinned by expectations of the RBNZ rate hike on Jan. 30 meeting. AUD/USD is capped at $0.8840.

EUR/USD met resistance at $1.3560 (bottom of the daily Cloud). GBP/USD is testing short-term resistance line at $1.6430.

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