ForexLive Asian market wrap: Greek developments and Chinese RRR cut fuel risk rally

View Comments

All of the action happened in early trade, with the EUR, NZD and AUD all rallying strongly on the back of a likely Greek debt restructure and the cut in the Chinese RRR.

EUR/USD closed in NY on Friday near 1.3140 but rallied in early interbank trade to 1.3200 and then surged again once the retail market joined in. EUR/JPY buying was again a significant factor but strong technical resistance in the form of a previous daily high stalled momentum at 105.70. EUR/USD topped out in early Tokyo trade but still hasn’t managed to break back below 1.3200. Ranges: 1.3172/1.3236; EUR/JPY 104.95/105.70

AUD/USD also opened higher, up at 1.0790 after a NY close near 1.0725. NZD buying was also very visible but like in the EUR, all momentum evaporated shortly after the Tokyo open. Ranges: AUD/USD 1.0760/1.0815

USD/JPY rallied in early trade on the back of movements in EUR/JPY and AUD/JPY particularly, but talk of very large corporate sell orders in USD/JPY above 80.00 helped quell any over-exuberant bullish momentum. Ranges: 79.41/88

Cable 1.5833/79; EUR/CHF 1.2082/99


All|Asia Pacific|Forex Headlines

Sean Lee


  1. Hi, I was wondering why you guys don’t show the live quotes anymore?

  2. Hi Sean

    I remember you spoke once the gaps from short covering in a day without volume,
    closed soon
    I got it right? Do you think the gap of today do you think so?


© Copyright 2015 ForexLive™  |  Advertise With Us  |  Login To Comment  |  Sitemap

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.

ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.