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Forex Trading: Asia Session Recap and Ranges

Posted by Marge Maresca on Apr 25, 2013 10:29:00 PM

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22:45 UTC New Zealand Trade Balance rises to NZ$718M M/M  NZD/USD jumped from 0.8495 to 0.8520 after stronger than expected trade figures were reported for the month of March.  Expectations had been for a decrease to 375M vs 414M in the previous month.

23:30 UTC Japan March Core Consumer Prices Fall to -0.5%  No reaction to Yen pairs after Japanese CPI y/y came in better than expected.  The forecast was for a drop to -0.4% from -0.3%.

The first half of the Asian session was subdued with currencies trading in narrow ranges.  As the session progressed the US Dollar slowly started to lose its footing.  Gbp/Usd retested the 8 am NY high of 1.5450, pressing to a fresh high of 1.5475.

After spending most of the session trading around 99.35, Usd/Jpy slipped to 98.60 on reports of Chinese ships entering into Japanese waters near disputed islands.  Japanese and Chinese defense officials are set to meet as tensions are flaring.



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