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Forex: Asian Session Recap & Ranges

Posted by Akhilesh Ganti on Mar 2, 2014 10:06:00 PM

The trading week opened with risk aversion being the predominant theme. Australia's monetary policy statement is on tap for tomorrow which might, given the less than stellar performance of the key economic indicators, explain the pressure that is being brought to bear on the currency. USD/JPY is lower while the EUR/USD is close to its recent highs which would correlate into a weaker Dollar Index. Again, the event risk that is the US Non Farm-Payrolls on Friday might be the catalyst for this. To top it all off, the escalating situation in Ukraine with Russia on the verge of getting involved seems to have unnerved investors to the point where they are fleeing into the "safety" of the Swiss Franc. This can be seen graphically as EUR/CHF, the currency relationship that the SNB targets, is at its lowest level since January 2013.

Economic data released during the session:

{Source: Bloomberg

Country Event Period Survey Actual Prior Revised
New Zealand Terms of Trade Index QoQ 4Q 1.90% 2.30% 7.50% --
Australia AiG Perf of Mfg Index Feb -- 48.6 46.7 --
Australia RPData/Rismark House Px MoM Feb -- 0.00% 1.20% --
Australia TD Securities Inflation MoM Feb -- 0.20% 0.10% --
Australia TD Securities Inflation YoY Feb -- 2.70% 2.50% --
Japan Capital Spending Ex Software 4Q 4.60% 2.80% 2.30% --
Japan Capital Spending YoY 4Q 4.90% 4.00% 1.50% --
Japan Company Profits 4Q -- 26.60% 24.10% --
Japan Company Sales 4Q -- 3.80% 0.80% --
Japan Loans & Discounts Corp YoY Jan -- 2.33% 2.24% --
Australia HIA New Home Sales MoM Jan -- 0.50% -0.40% --
Australia Company Operating Profit QoQ 4Q 2.00% 1.70% 3.90% 4.30%
Australia Inventories SA QoQ 4Q 0.00% -0.50% -0.50% --
Australia ANZ Job Advertisements MoM Feb -- 5.10% -0.30% 0.00%
China Non-manufacturing PMI Feb -- 55 53.4 --
China HSBC/Markit Manufacturing PMI Feb 48.5 48.5 49.5 --

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

Topics: Asian session, Ranges


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