Market Overview

ForexLive Asia Wrap Up:

New Zealand October card spending rose 0.4%.
RBA monetary policy statement, repeats monetary policy appropriate 'for the time being.' Cuts 2013 GDP outlook to 2.25%-3.25%.
President Obama to make speech on economy tomorrow.
Summers says Europe situation more grave than US.
BOK leaves key interest rate unchanged at 2.75%.
China October CPI rose 1.7% with PPI falling 2.8%. 
Fed's Bullard says critical President Obama and US Congress tackle fiscal cliff to avoid drag on US economy.

The market started with continued 'risk off' sentiment till late in the session when scattered short-covering caused a reversal and market went back to a slight risk on mood. China's CPI came in lower than expected and gives the PBOC some breathing room to ease. We have their  industrial production and retail sales numbers due out at 05:30 GMT. Concerns continue over Greece and Spain (will it ever end) and the US fiscal cliff (will it ever end), just a little something for the weekend.

EUR/USD traded to a low of 1.2733 early and struggled back to 1.2770 on a quick spike from the 1.2745/50 level. Some resistance here at 1.2780/85 keeping the rebound in check for the time being.

USD/JPY had a 20 pip range 79.40/79.60 and was played like a Stradivarius trading on the lows with risk off and running to 79.60 on the short-covering rally.

AUD/USD broke through 1.0400 during the risk-off portion of the session , trading to a low of 1.0379/83 before rebounding back above it after the RBA statement. Short-covering has it back trading near session highs of 1.0420/23 and ahead of more China releases.

Have a good weekend and good luck to all.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News Forex Global Markets

 

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