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Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on Oct 16, 2013 10:54:00 PM

All eyes are on Washington as the US House of Representatives deliberates on the bill that the Senate passed a few hours ago to end the government shutdown. The US Dollar is slightly lower -vs- the majors probably on concerns that the Republican controlled House may vote against the accord. The passage through the House, which just became official, means that the US is officially open for business again, at least for the next few months. A quiet session on the economic data front with Australia's NAB-3Q business confidence survey coming out at +3 which was higher than last quarter's -1. The gist of the survey was that businesses are expecting conditions to remain depressed in the near term but are optimistic over a 12 month horizon. The increased confidence appears to be a byproduct of a few factors, most notably the change in government, improving Chinese data, lower rates and a weaker Aussie.

Ranges: {charts: WWM Flash Trader - 60min}(click to enlarge)
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