Asian Session Recap – April 4, 2014

  • Nikkei down by 0.05% for the day
  • Halifax HPI down by 1.1% vs. estimated 0.7% uptick
  • German factory orders up by 0.6%

Looks like forex traders are sitting tight ahead of the NFP! Price action was a little slow in the Asian trading session, with USD/JPY creeping below the 104.00 major psychological level and EUR/USD edging towards the 1.3700 mark. There were no major reports released then, leading the Nikkei to chalk up a small 0.05% loss for the day and leaving most yen pairs to stay in consolidation.

A few minutes ago, the U.K. Halifax HPI was released and it showed a worse than expected 1.1% decline in house prices instead of the estimated 0.7% uptick. However, the pound still managed to draw support when BOE Governor Carney reiterated his comments on seeing a potential rate hike before the U.K. general elections take place. Meanwhile, Germany factory orders came in line with expectations of a 0.6% increase while the previous month’s figure was revised lower, pushing EUR/USD to a low of 1.3695.

There are no major reports lined up for the rest of the London trading session, allowing traders to take some time to think about how to trade the NFP release. Let me warn you though that positioning ahead of the actual event might lead to some pretty strong moves hours before the U.S. session so y’all better stay on your toes if you have any forex trades open!

See also:

U.S. Session Recap

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