Asian Session Forex Recap – Nov. 24, 2015

  • Japan flash manufacturing PMI: 52.8 vs. 52.1 expected, 52.4 previous

Disappointing news from Uncle Sam finally caught up to the Greenback, as the low-yielding currency gave up pips to its forex counterparts.

Major Events:

Overall dollar weakness – As mentioned in the U.S. session recap, data from Uncle Sam disappointed the markets and the Fed’s controversial sudden meeting turned out to be a dud. Since the possibility of a December rate hike was responsible for most of the dollar’s recent gains, it looks like more than a couple of traders have decided to take profits.

Weaker Asian markets – With our Japanese friends back from their Labor Thanksgiving holiday and with little or no major report to rock the markets, profit-taking ensued in Japan’s markets and even extended to other Asian bourses. Word around the hood is that concerns over China and a bit of weaknesses in commodities and export-related assets also took small hits across the board.

Major Currency Movers:

USD – EUR/USD ended the session almost unchanged after hitting a session high of 1.0644 while GBP/USD also inched 16 pips higher. Meanwhile, USD/JPY slipped by 6 pips and USD/CHF fell by 13 pips.

AUD and NZD – The comdolls weren’t left behind the overall dollar selloff. AUD/USD got a small boost from a recovery in gold prices and rose by 9 pips while NZD/USD also gained 8 pips throughout the session.

Watch Out For:

  • 7:00 am GMT Germany’s final q/q GDP (expected to remain at 0.3%)
  • 8:15 am GMT Switzerland employment level (expected to remain at 4.24M)
  • 9:00 am GMT German IfO business climate: (expected to remain at 108.2)
  • 9:00 am GMT German IfO current conditions (expected at 112.4 vs. 112.6 previous)

See more:

U.S. Session Recap

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