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Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on Jun 12, 2013 11:15:00 PM

A volatile session as the NZD/USD, AUD/USD and USD/JPY were the main movers in active trading conditions. The RBNZ left their OCR at 2.5% as was widely expected and reiterated their commitment to intervene in currency markets if the Kiwi starts appreciating again. They also lowered economic growth estimates and stated that they intend on leaving the OCR at its current rate until mid-2014.The Aussie initially rose to 0.9523 as the employment report came out better than expected, only to tumble again to session lows of 0.9428 as the market factored in the RBA's desire for a weaker currency.

The yen gained after government data showed Japanese investors were net sellers of overseas bonds and stocks for a fourth straight week. This, coupled with a sell off in the Nikkei, triggered stops below the June 07 lows of 94.97 as the pair dropped to 94.44 before a short-covering rally brought it back to the 94.80 level.A bit later on will see the release of the suddenly all-important US retail sales report. A robust number will likely see US dollar rally as it would signal that the economic growth in the world’s largest economy is starting to pick up.


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