Asian Session Recap – April 24, 2014

  • NZD extends rally after RBNZ rate hike
  • South Korea posts stronger than expected GDP growth of 0.9%
  • Chinese CB leading index up by 1.2% vs. 0.9% previous
  • Australian and New Zealand banks closed on Anzac Day holiday
  • German Ifo business climate, Draghi’s speech up next
  • UK CBI realized sales to show improvement from 13 to 18

There was a bit of improvement in risk sentiment for today’s Asian trading session, as the Kiwi extended its climb on the heels of an RBNZ interest rate hike while AUD/USD held steady above the .9300 major psychological support. Stronger than expected GDP growth in South Korea gave emerging market currencies a bit of a boost, along with the 1.2% increase in China’s CB leading index.

Asian equities posted small losses, with the Nikkei ending 1% down for the day. Obama’s state visit to Japan seems to be yielding positive results in terms of ensuring peace in the Asian region, but he and Prime Minister Abe made very little progress in coming up with a US-Japan trade deal.

In the next few hours, we’ll get wind of business sentiment in euro zone’s largest economy as Germany is set to print its Ifo business climate figure. Analysts are expecting to see a slight dip from 110.7 to 110.5, which could push the euro lower against its forex counterparts.

Also scheduled for today is a speech by ECB President Draghi, which usually affects euro price movement. Don’t forget to keep tabs on the UK CBI realized sales release as well since the report might show an improvement from 13 to 18, providing a bit of support for the pound.

See more:

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!