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Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on May 15, 2013 11:07:00 PM

Japan prelimGDP 1Q13

Another quiet Asian session that saw the US dollar mixed to slightly weaker -vs- the majors. New Zealand PMI expanded at a faster pace in April as it rose to 54.5 from the previous month's reading of 53.4. It would appear that this is the one economy that has managed to avoid the economic malaise that has affected its brethren, at least for now. 

New Zealand's release of its annual budget forecast a return to surplus by 2015, a rise in 90-day interest rates to 4.7% by 2016 and a doubling of the level of residential investment.

Japanese preliminary GDP figures came out at +0.9% - vs- estimates of +0.7%. {chart:Bloomberg}(click to enlarge)

Japanese Economy Minister Amari made some statements when speaking to reporters in Tokyo. The key points were:

  • Government has high chances to achieve Fiscal Year 2013 growth target

  • Rapid stock market gains are reflecting improving sentiment

  • Government will try to escape from deflation as soon as possible

  • “Unprecedented” recovery has begun on PM Abe’s “unprecedented” economic policies 

These comments combined with the release of the better than expected GDP figures saw USD/JPY breach the 102 level briefly before rebounding. Traders now await the release of the US weekly unemployment claims figures due out a bit later which was the supposed catalyst for the bullish dollar move to end last week. 



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