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Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on Apr 30, 2013 11:10:00 PM

Another fairly lackluster Asian session as the market prepares for event risks that begin a bit later on today with the release of the ADP payroll data followed by the FOMC statement. The ECB is on tap for tomorrow with the US NFP due out Friday. Following the release of yesterdays anemic Chicago PMI, which dipped below 50 and hints of an economy that is contracting, the expectations are for the Fed to continue with their current policy of providing stimulus. Chinese PMI data also came out weaker than expected and the prospect of the two largest economies in the world exhibiting weakness has the market a bit unnerved. Dollar/yen traded lower as it tested the 97 level. Gold was range bound below the key 1480 level. 



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