U.S. Session Recap – January 28, 2014

  • U.S. new home sales weaker than expected at 414K vs. 457K estimate
  • U.S. flash services PMI up from 55.7 to 56.6 in Jan
  • Australia NAB business confidence index holds steady
  • Australia CB leading index showed 0.2% uptick

The U.S. dollar extended its slide against most of its major counterparts, with the exception of the Canadian dollar, as new home sales data fell short of expectations. The report showed a 414K reading versus the estimated 457K figure while the previous month’s figure was revised lower. U.S. flash services PMI, on the other hand, came in higher than expected as it improved from 55.7 to 56.6 in January.

Over in Australia, the CB leading index printed a 0.2% uptick, which is slightly weaker compared to the previous month’s 0.5% increase. The NAB business confidence index held steady at 6, reflecting improving conditions in the industry.

There are no other major reports lined up for the rest of the Asian trading session so it should be all about market sentiment driving price action. Do keep tabs on Asian equity markets, particularly the Nikkei, if you’re planning on trading the yen pairs in the next few hours.

See also:

London Session Recap

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