Asian Session Forex Recap – Oct. 2, 2015

  • Japanese household spending up 2.9% y/y in Aug vs. 0.4% forecast
  • Japan’s unemployment rate up from 3.3% to 3.4%
  • Australian retail sales increased by 0.4% as expected
  • New Zealand ANZ commodity prices up by 5.5% in Sept, -5.2% previous
  • Chinese markets closed for the holiday
  • Spanish unemployment change and U.K. construction PMI due

Dollar forex pairs seem to be having the pre-NFP jitters, but there were still a few good moves for the Japanese yen and currency crosses. USD/JPY is holding steady just below 120.00 (-0.01%), EUR/USD is down 15 pips to 1.1177 (-0.14%), GBP/USD is up 12 pips at 1.5144 (+0.10%), and USD/CHF is up 10 pips to .9779 (+0.11%).

Japan printed mixed economic reports, with its household spending up by a whopping 2.9% year-over-year in August and the unemployment rate rising from 3.3% to 3.4%. The country also released more deets on its Q3 Tankan survey, indicating that Japanese businesses expect the CPI to reach 1.2% in a year.

EUR/JPY is down 20 pips and testing the 134.00 handle (-0.15%), GBP/JPY is up 26 pips to 181.65 (+0.15%), AUD/JPY is flat at 84.28 (+0.00%), and NZD/JPY is holding steady around 76.72 (+0.03%).

Australia reported a 0.4% increase in retail sales as expected, erasing the 0.1% decline seen in the previous month. In New Zealand, ANZ reported a 5.5% rebound in commodity prices for September, recovering from the previous 5.2% decline. EUR/AUD is down 26 pips at the 1.5900 mark (-0.10%), GBP/AUD is up 34 pips to 2.1547 (+0.16%), EUR/NZD is down 23 pips to 1.7468 (-0.13%), and GBP/NZD is up 40 pips to 2.3670 (+0.17%).

Will euro weakness prevail in the next few hours? Spain is gearing up to print its latest unemployment change report and might show a 17.9K increase in joblessness, less than the earlier 21.7K rise. Meanwhile, the U.K. will print its construction PMI at 9:30 am GMT and possibly show a climb from 57.3 to 57.5, reflecting a faster pace of expansion in the industry.

If you ain’t interested in catching any of these potential short-term forex moves, I suggest you sit back and relax while reading my buddy Forex Gump’s Trading Guide for the U.S. NFP Report. Enjoy!

U.S. Session Recap

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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!