Asian Session Forex Recap – Mar. 28, 2016

  • Hong Kong, Australia and New Zealand markets on Easter Monday holiday
  • No major news reports released during the Asian session

The Greenback gained a few pips on its counterparts, as Asian forex traders priced in Uncle Sam’s latest GDP report.

Major Events:

Green start for the Asian markets – With not many catalysts to price in, forex traders in the Asian session simply extended Friday’s price action. The dollar continued to gain against most of its counterparts after a GDP report last Friday showed upward revision for Q4 2015.

The revision was enough to prop up risk sentiment, especially among Japanese exporters who were happy with the yen weakness that resulted in USD/JPY’s strength. Nikkei rose to a week-and-a-half high while China’s Shanghai Composite index is also up by 0.64%.

Thin trading volatility – Forex trading volatility was mostly a snoozer, thanks to Hong Kong, Australia, and New Zealand’s markets still out on Easter Monday holiday. Take this opportunity to scout your forex calendars and charts to spot any potential trade setups for the week!

Major Currency Movers:

USD – The Greenback bulls were still riding the GDP’s upward revision wave, as it gained a couple more pips on its counterparts.

USD/JPY jumped by another 26 pips (+0.23%) while it gained a pip or two on the euro, pound, franc, Aussie, and Kiwi.

CAD –The Loonie got a boost on the improvements of both crude benchmark prices. U.S. crude is up by 1.06% to $39.88 while Brent crude oil is 1.02% higher at $41.44.

Not surprisingly, USD/CAD dropped by 25 pips (-0.19%), CAD/JPY popped up by 39 pips (+0.46%), and GBP/CAD slipped by 22 pips (-0.12%).

Watch Out For:

  • U.K. out on Easter Monday holiday
  • European countries remove Daylight Saving Time today

See more:

U.S. Session Forex Recap

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