Asian Session Recap – December 4, 2013

  • Australian dollar weighed down by weak GDP reading
  • Nikkei posts 2.74% loss for the day
  • Spanish and Italian services PMIs coming up
  • U.K. services PMI to show small decline to 62.1

The Australian dollar was under heavy selling pressure for most of today’s Asian trading session, after the Australian economy printed a weaker than expected GDP reading of 0.6% versus the estimated 0.7% growth figure. Meanwhile, the Nikkei stock index extended its losses and prevented USD/JPY and most of the yen pairs from resuming their rallies.

Up ahead, we have Spanish and Italian services PMIs due, along with the release of the euro zone retail sales data. These medium-tier reports don’t usually have much of an effect on euro price action but it might be worth taking note of if you have open trades on euro pairs.

The U.K. services PMI release might be the bigger market catalyst for today’s London trading session, as the services sector accounts for a huge chunk of overall economic performance in the country. The index is expected to dip from 62.5 to 62.1 in November but there could be a chance of an upside surprise since the manufacturing and construction industries have both printed better than expected results earlier this week.

See also:

U.S. Session Recap

London Session Recap

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