Asian Session Recap – December 3, 2013

  • RBA keeps rates at 2.50%, says AUD is still “uncomfortably high”
  • Nikkei hits 6-month high
  • U.K. construction PMI coming up

The higher-yielding currencies took back some pips from the Greenback during the U.S. session after the better-than-expected U.S. manufacturing PMI and increased possibility of the Fed tapering translated to risk appetite for the Asian investors. Nikkei popped up to its six-month high while the yen fell further across the board.

The RBA also caused volatility during the Asian session. The central bank kept its interest rates steady at 2.50% but warned that the Aussie is still “uncomfortably high” and that their economy needs a cheap currency. AUD/USD fell to the .9065 area at the release of the news but is currently back to the .9100 psychological level.

Up next for today is Spain’s employment numbers at 9:00 am GMT, followed by the U.K.’s construction PMI at 10:30 am GMT. Another upside surprise from the U.K. could convince the bulls to bounce right back and push the currency up from its intraday lows. Keep close tabs on these reports!

See also:

London Session Recap

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!