Asian Session Recap – May 7, 2014

  • Australia March retail sales up by 0.1% vs. 0.4% consensus
  • New Zealand dairy auction shows higher volumes, lower prices
  • German factory orders, French industrial production data due
  • Swiss unemployment rate to hold steady at 3.2%?

After the crazy price action in yesterday’s US and London sessions, major forex currencies calmed down a bit in today’s Asian trading hours. EUR/USD consolidated around the 1.3925 levels while GBP/USD retreated below 1.6970.

The comdolls showed sharper pullbacks though, as Australia’s retail sales report printed a disappointing 0.1% uptick instead of the estimated 0.3% increase. New Zealand’s dairy auction turned out better than the previous one, with the industry seeing higher order volumes. However, dairy prices are down by 1.1% and might force the RBNZ to take it easy with their tightening efforts.

In the next few hours, we’ll get data on Germany’s factory orders and France’s industrial production. These figures aren’t likely to spark huge waves among euro pairs but it might be helpful to take note how the actual results turn out in order to anticipate what the ECB could come up with in tomorrow’s policy decision. Also due in the London session is Switzerland’s jobless rate, which is expected to hold steady at 3.2%, and their foreign currency reserves data.

See more:

U.S. Session Recap

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