Asian Session Recap – April 7, 2014

  • Chinese markets out on a bank holiday
  • World Bank lowers China’s 2014 growth forecasts from 7.7% to 7.6%
  • AU ANZ job ads up by 1.4% in March vs. 5.1% in Feb
  • German industrial production at 0.4% vs. 0.3% expected and 0.7% previous
  • Nikkei posts 1.69% loss for the day

Expecting a continuation of last Friday’s price action madness? Nah. The Asian session traders were stuck in Chopsville with no major data on tap and the Chinese markets out on a bank holiday.

The yen was one of the big winners as a bit of risk aversion as well as weak Asian equities performance weighed on the higher-yielding currencies. USD/JPY dropped to the 103.00 handle while GBP/JPY and EUR/JPY also slipped by around 50-60 pips.

The yen was one of the big winners as a bit of risk aversion as well as weak Asian equities performance weighed on the higher-yielding currencies. USD/JPY dropped to the 103.00 handle while GBP/JPY and EUR/JPY also slipped by around 50-60 pips.

Other than the yen, currency trading was mostly muted throughout the session. EUR/USD and GBP/USD stayed in their tight ranges while the comdolls also showed limited movement. The Kiwi is an exception though, with NZD/USD receiving a 20-pip boost at the start of the session before settling in a tight range.

Let’s see if the London session traders will step up the forex game today. Only Switzerland’s inflation and foreign currency reserves on tap from 7:00 am GMT to 7:15 am GMT so keep an eye out for any other news that might affect forex price action.

Good luck and good trading!

See also:

U.S. Session Recap

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