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Asia session recap & ranges

Posted by Akhilesh Ganti on Mar 14, 2013 10:31:00 PM

The ides of March is upon us and the majors are mired in lackluster trade as traders seem content to play the ranges. The Dollar is still showing signs of the weakness that overtook it in the US session which, for now, has to be viewed as corrective in nature. The close of the US stock session today will see an option expiry occurrence that happens only four times a year. This event is the simultaneous expiration of stock options, index options, index futures and single stock futures which has been aptlly named the "Quadruple witching" hour and has been known to cause volatility in the markets. This, along with its' overbought state, seems to be as good a reason as any in explaining the sharp reversal in sentiment that befell the US unit. Japans' upper house approved all of the nominees so Kuroda will officially become BOJ governor on March 20. Dlr/yen rose to session highs on this news before profit taking kicked in. Cable continues to retain a bid, a bid that was rumored to be M&A driven, as it hovers just below 1.5100 and the Euro sits right above 1.3000.



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