Asian Session Forex Recap – Feb. 17 2017

  • NZ retail sales remains at 0.8% in Q4 2016 vs. 1.1% growth expected
  • NZ core retail sales up by 0.6% vs. 0.9% expected, 0.2% previous

Ho-hum. Forex price action was as exciting as watching paint dry, as Asian session traders stayed in the sidelines amid a lack of economic catalysts.

Major Events:

Mixed risk sentiment – The Asian bourses failed to follow through on their intraweek rallies, as traders tracked the not-so-bullish vibes from the previous session.

As I mentioned in my U.S. session recap, market players shrugged off better-than-expected data from Uncle Sam in favor of worrying over Trump’s economic plans after his much awaited speech failed to provide clarity on several key issues. As a result, U.S. Treasury yields slid further from its weekly highs.

Nikkei fell by 0.66% as traders moved on from the earnings season and focused on the yen’s strength. Australia’s A SX 200 is also down by 0.21% while the Shanghai index is down by 0.46% and Hang Seng is down by 0.40%.

Market Movers:

USD – The dollar’s price action was a mixed bag of nuts, as it gained a pip or two on the yen, lost a couple on the comdolls, and stagnated against the European currencies.

EUR/USD is 3 pips away from its session open price at 1.0674, USD/CHF hadn’t moved from the .9975 levels, and USD/JPY inched 18 pips higher (+0.16%) to 113.30. Meanwhile, AUD/USD is up by 7 pips (+0.09%) to .7700.

GBP – The pound gained ground across the board ahead of the U.K.’s retail sales release. If you’ve read Forex Gump’s trading guide, then you’ll know that analysts are expecting upticks from the headline and core readings after seeing downside surprises last month.

GBP/USD is up by 6 pips (+0.05%) to 1.2502, GBP/JPY is up by 28 pips (+0.20%) to 141.64, and EUR/GBP is down by 5 pips (-0.06%) to .8538.

Watch Out For:

  • 10:00 am GMT: Euro Zone current account (28.7B EUR expected, 36.1B EUR previous)
  • 10:30 am GMT: U.K. retail sales. Read Forex Gump’s trading guide for a few tips!

See also:

U.S. Session Recap
London Session Recap

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