Market Overview

ForexLive Asia Wrap Up: Calm Before the 'Storms'

ForexLive Asia Wrap Up: Calm Before the 'Storms'

Merkel says eurozone crisis will last at least another five years.
ECB investigating Spanish bank loans that may have failed to follow the rules.
Australia retail sales rose 0.5% m/m.
Australia Trade deficit fell to A$ 1.456B.
Australia ANZ job advertisements fell 4.6% m/m.
China HSBC services PMI at 53.5 in October from 54.3.
G-20 summit meeting in Mexico highlights U.S. 'fiscal cliff' and European crisis.

The market was fairly quiet today ahead of a busy week of rate decisions by the RBA, ECB and the BOE. Our U.S. Presidential election Tuesday being to close to call. A leadership change in China, continued concerns over Greece and Spain, and a G20 summit vacation, all hanging over the market to do nothing but consolidate for now.

EUR/USD triggered stops at 1.2820 very early in the session sending it to a low of 1.2808. Good option related buying between 1.2800/10 helped to support it the remainder of the day reaching a high of 1.2839. Some resistance above at 1.2865/70 with stops now below the support at 1.2800.

USD/JPY found some bids below at 80.20/30 but could only rally to a high of 80.56. Stops now being reported above at 80.70/85 up through to 81.00 with resistance around 81.30/40.

AUD/USD held firm most of the session after starting out on the lows at 1.0327. Decent retail sales and trade numbers kept the rally intact with the AUD/USD reaching session highs of 1.0366.

The preceding 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


Related Articles

View Comments and Join the Discussion!