Asian Session Recap – July 14, 2014

  • Japan’s May industrial production figure upgraded from 0.5% to 0.7%
  • Nikkei up by 0.88% for the day
  • Euro zone industrial production data due today
  • ECB Governor Draghi set to give testimony

Looks like traders were paying more attention to the World Cup Finals earlier today, as price action remained subdued among major forex pairs. EUR/USD was stuck around the 1.3600 handle while GBP/USD continued to hold steady above the 1.7100 mark. AUD/USD gapped down over the weekend but managed to trade back at the top of its short-term range around .9400 while NZD/USD bounced between .8800 and .8820.

Yen pairs edged slightly higher as risk appetite picked up during the Asian trading hours. The Nikkei chalked up a 0.88% gain for the day as Japan’s industrial production figure for May was revised from 0.5% to 0.7%.

USD/JPY edged up to a high of 101.42 as of this writing while EUR/JPY came within 3 pips shy of the 138.00 handle. GBP/JPY has been keeping its head above the 173.50 minor psychological level and AUD/JPY has reached a high of 95.34.

In the next few hours, euro pairs could take center stage as the euro zone gears up to release its industrial production report. Analysts are expecting to see a mere 0.3% uptick to follow the previous 0.8% increase, and weaker than expected results might lead to euro weakness. Do stay tuned for ECB Governor Draghi’s speech later on, as this might also lead to a few spikes here and there.

See also:

U.S. Session Recap

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