Asian Session Forex Recap – Nov. 6, 2014

Higher-yielding currencies advanced against their forex counterparts in today’s Asian session, as risk sentiment appeared to improve. In Australia, the jobs report printed stronger than expected headline employment change figures, as hiring picked up by 24.1K vs. 20.3K in October while the previous month’s reading was upgraded.

However, the jobless rate climbed from 6.1% to 6.2% last month, as four out of the last five jobs releases were downgraded. Despite that, AUD/USD is up 0.18% and is holding on to the .8600 handle while AUD/JPY is looking at a 0.10% gain so far.

USD/JPY appears to have found resistance at the 115.00 major psychological level, which it tested earlier in the trading session. Other yen pairs seem to be stalling around their current levels as well, with EUR/JPY topping at the 144.00 handle and GBP/JPY finding a ceiling at 184.00.

Forex price action could pick up in today’s London trading session, with the BOE and ECB rate statements lined up. Dovish remarks are expected from the ECB, plus possibly a few more details on their ABS (asset-backed securities) purchases. Meanwhile, the BOE statement might not spark much movement among pound pairs, as traders would rather wait for the minutes of the policy meeting to be released later on.

Another potential mover for the pound is the manufacturing production report, which might show a 0.3% gain, stronger than the previous 0.1% uptick. GBP/USD is up by a mere 0.04% as of this writing at the 1.5975 area while EUR/USD is hovering around the 1.2500 handle.

U.S. Session Recap

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

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