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Asia session recap & ranges

Posted by Akhilesh Ganti on Feb 20, 2013 10:25:00 PM

Relatively subdued trading as the FX market took a breather after being roiled by the FOMC minutes in late US trade. The rest of the majors stayed on the defensive versus the US unit as the whiff of uncertainity spawned by the FOMC probably gave the dollar a safe-haven bid. There seems to be a "perfect storm" brewing as threats of intervention(NZD), fears of economic malaise(AUD), an internal battle to reignite growth(JPY), the enigma that is CHINA and the ever-present worry that all is not well with the EUROZONE all seem to be coalescing to create a financial environment that might prove to be an interesting puzzle for traders to decipher.

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