Asian Session Recap – January 29, 2014

  • AU Westpac leading index up by 0.1% in December vs. 0.1% decline in November
  • NZ business services index at 57.5 vs. 56.4 previousTurkey’s interest rate hike keeps Asian markets above water
  • GfK German consumer sentiment at 8.2 vs. 7.6 expected
  • UK Nationwide house price index at 0.7% vs. 0.6% expected
  • Nikkei closes up 2.7%

The Asian markets were relatively more calm and positive today thanks to Turkey’s central bank boosting its interest rates from 7.75% to 12% last night following an emergency meeting. The move inspired a reprieve (if not end) from sharp Asian session selloffs and caused small rallies among high-yielding currencies and yen crosses.

Aside from that, attention was focused on President Obama’s State of the Union Address. The event didn’t really inspire strong price action though, as the Greenback still traded on mixed price action against its counterparts.

A few minutes ago we saw Switzerland’s UBS consumption indicator come in at 1.81 from last month’s 1.40 reading while Germany’s consumer climate showed an 8.2 reading when analysts had only been expecting a 7.6 figure. Last but definitely not the least, the U.K.’s Nationwide house price index printed at 0.7%, a bit higher than 0.6% expected growth.

Looks like the events are lining up for another risk-on environment huh? Well, we’ll never know until we see actual price action. Keep your eyes peeled for a couple of low-tiered data from the euro zone at 9:00 am GMT as well as BOE’s Carney’s speech scheduled 12:15 pm GMT.

See also:

U.S. 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!