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Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on Sep 11, 2013 11:11:00 PM

An eventful session as the divergence in monetary policies between New Zealand and Australia came to the fore. As expected the RBNZ left their monetary policy unchanged but did state that they will be raising interest rates sometime in 2014, a course of action that is currently in stark contrast to the other major central banks. The Kiwi soared on this and, while the market is cognizant of the RBNZ's aversion to an overvalued currency, the hawkish tone should provide the unit a bid. The RBA, on the other hand, has to be considering further easing given today's dismal employment report which saw the Aussie give up a large chunk of its recent gains.

Ranges: {charts: 30min / WorldWideMarkets}(click to enlarge)
091113

 

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