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12 Feb 2013
Forex Flash: Headlines focus on North Korean nuclear test – TD Securities
Alvin Pontoh, FX Strategist at TD Securities notes that overnight headlines were dominated by news that North Korea conducted an underground nuclear test.
The news weighed heavily on the KOSPI, but the Nikkei rallied 2% as JPY weakened overnight. He notes that Chinese markets remained closed due to the lunar new year celebrations and overall major currencies were either flat or weaker against the dollar. The exception has been NZD, which held onto it solid overnight gains, aided by good housing data. Looking ahead, the EcoFin meetings continue today, as President Obama delivers his State of the Union Address and Governor Carney testifies to the House Finance Committee.
The news weighed heavily on the KOSPI, but the Nikkei rallied 2% as JPY weakened overnight. He notes that Chinese markets remained closed due to the lunar new year celebrations and overall major currencies were either flat or weaker against the dollar. The exception has been NZD, which held onto it solid overnight gains, aided by good housing data. Looking ahead, the EcoFin meetings continue today, as President Obama delivers his State of the Union Address and Governor Carney testifies to the House Finance Committee.