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Forex Trading: Asian Session Recap and Ranges

Posted by Akhilesh Ganti on Nov 6, 2013 10:58:00 PM

Australia's October Employment data rose by +1.1k which was appreciably lower than analysts forecasts of +10k while the jobless rate was steady at +5.7%. Employers reduced full-time workers by 27.8k, the most in over a year, while part-time employment rose by +28.9k. The Aussie, which had been trading around the 0.9520 level, fell immediately to 0.9472 as traders pared down the odds that the RBA might be contemplating a rate hike to combat inflationary pressures. 

The rest of the majors were mired in quiet trade as traders await the results of the BOE & ECB monetary policy meetings and the release of the advanced 2Q US GDP data a bit later on today. Not much is expected from the BOE but the ECB might well do or say something that could generate volatility and set the course for the Euro's future direction. 

Ranges: {WWM's New ALPHA Trader-4h charts [EUR,GBP,AUD,YEN,GOLD,OIL,WallStreet}(click to enlarge)
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