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Forex Trading: Asia Session Recap and Ranges

Posted by Akhilesh Ganti on Apr 24, 2013 11:10:00 PM

A very quiet start to the Asian session as both Australia and New Zealand are observing the "ANZAC day" holiday. Trading activity picked up a bit with the release of the MOF weekly data which showed that, contrary to most market pundits' beliefs, the Japanese continue to be net sellers of foreign bonds and equities. This is mildly surprising given the BOJ's easing efforts and dollar/yen fell through 99.50 to the 99.35 level on this release. BOJ Governor Kuroda said that he would not consider dropping the BOJ's new 2% inflation target "even if the bank's aggressive monetary easing triggered unstable financial gyrations". Demand for non-dollar yen crosses rose resulting in the dollar weakening -vs- the Aussie, Kiwi, Euro and Pound. AUD/USD broke through 1.03 while Kiwi, Cable and Euro also made new highs above 0.85, 1.53 and 1.3050 respectively. British GDP is scheduled for release a bit later on which could generate the kind of volatility that might propel GBP/USD to either take out resistance at 1.5420 or break back below 1.5200. BOJ monetary policy meeting and announcement is due out tomorrow and this might finally provide the impetus to push USD/JPY over the 100 level. Gold and US Crude oil are trading higher as well with the former looking for a break above 1450 while the latter takes aim at 92.50.



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