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Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on Aug 4, 2013 10:53:00 PM

The trading week began with the antipodean currencies on the defensive. Prior to the open, the Kiwi was hammered as the market reacted to news that diary giant Fonterra had sold contaminated milk powder to several countries, most notably China. Given that China is New Zealand's largest export market, news of them and others imposing a ban led to a fairly sharp sell-off in NZD crosses. This was followed by the release of the anemic retail sales data from Australia, which has the market ramping up expectations for further monetary easing by the RBA as they try to resuscitate domestic economic growth.  

Ranges:

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