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Forex Trading, Market News & Technical Analysis

Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on Jun 20, 2013 11:00:00 PM

The US dollar traded mixed to lower against most the majors driven by a combination of profit-taking and stops getting hit as weak shorts get flushed out. The steep decline in the US stock markets on concerns of what will happen as the Federal Reserve contemplates tapering its monetary easing program later this year has probably given rise to a risk-off environment. The usual suspects to benefit during this would be the Japanese yen and the US dollar. The yen appears to be holding up its end judging by its breach of 97.00 as the market tries to find a temporary safe-haven but the dollar has been on the defensive to start the last trading day of week. Gold, which broke through $1300 yesterday, appeared ready to head lower before it got a bid around the $1270 level and has since rebounded to the $1290 area.

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