11 Dec 2013
Session recap: Quiet data flow in Asian session allows for some pauses in recent trends
FXstreet.com (Barcelona) - This Asian session has brought more of the same weakness for the Yen and the US Dollar but gave the recently torrid euro and British Pound a chance to rest for a bit.
Aussie Dollar the big mover of the session after poor data
Most of the major currencies are showing very muted moves – less than 0.2% - with the exception of the Aussie Dollar. The AUD won the honors for the biggest mover of the Asian session but for the wrong reasons (if you ask the bulls). The cross tumbled from session highs following surprisingly weak Consumer Confidence data from Westpac. The damage was minimal, however, compared to the gains the AUD saw on Friday and Monday.
Session Data Summary and Reactions
• Aussie Westpac Consumer Confidence missed expectations by a wide margin – AUD dropped immediately and has remained depressed even as it is off session lows
• Japanese Machinery Orders came out better-than-expected – little / no reaction in the Yen
Main headlines in Asia:
DXY downside action persists thanks to euro / Pound strength; 79.85 next stop
Gold was bid up Tuesday as the DXY got hit again; 1268.30 is next resistance level to watch
AUD/USD to rebound on elliot wave count?
US budget deal ensures no shutdown in Jan 2014
USD/JPY in the red after bearish engulfing candle on Tuesday; 103.54 key resistance
EUR/USD stepping heavily on 1.3759 support
GBP/USD pausing after less-than-convincing breakout above 1.6442 previous resistance
EUR/JPY accelerates losses, 141.00 next support
Aussie Dollar the big mover of the session after poor data
Most of the major currencies are showing very muted moves – less than 0.2% - with the exception of the Aussie Dollar. The AUD won the honors for the biggest mover of the Asian session but for the wrong reasons (if you ask the bulls). The cross tumbled from session highs following surprisingly weak Consumer Confidence data from Westpac. The damage was minimal, however, compared to the gains the AUD saw on Friday and Monday.
Session Data Summary and Reactions
• Aussie Westpac Consumer Confidence missed expectations by a wide margin – AUD dropped immediately and has remained depressed even as it is off session lows
• Japanese Machinery Orders came out better-than-expected – little / no reaction in the Yen
Main headlines in Asia:
DXY downside action persists thanks to euro / Pound strength; 79.85 next stop
Gold was bid up Tuesday as the DXY got hit again; 1268.30 is next resistance level to watch
AUD/USD to rebound on elliot wave count?
US budget deal ensures no shutdown in Jan 2014
USD/JPY in the red after bearish engulfing candle on Tuesday; 103.54 key resistance
EUR/USD stepping heavily on 1.3759 support
GBP/USD pausing after less-than-convincing breakout above 1.6442 previous resistance
EUR/JPY accelerates losses, 141.00 next support