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Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on May 12, 2013 10:53:00 PM

A quiet start to the Asian session and the trading week as the G7 meeting over the weekend did not provide any fodder that might have roiled the markets. The main takeaway was that they all agreed that more needed to be done to inflate/stabilize the global economy and the policy initiatives undertaken by the respective members, even Japan, was within bounds. USD/JPY rose to 102.17 but has since come back to trade around the 101.90 level. Australian Housing data for March came in at +5.2% -vs- market expectations of +4.0% and seemed to suggest that the economy is trying regain its footing a bit. US retail sales data, due out a bit later, will be the data point that traders will key on as it could determine the near term direction of the dollar.




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