ForexLive Asian market wrap: Stop-loss runs but little else

View Comments

  • China likely to lower economic growth targets
  • Australian PM calls for leadership ballot as ex-PM prepares challenge
  • Regional shares generally lower by over 0.5%
  • Gold stays firm ahead of large option expiries later tonight

Main action in mornig trade surrounded the AUD which had a bearish feel after Kevin Rudd more or less confirmed that he will challenge for the Australian PM position on Monday by trying to oust Julia Gillard. This increased bearish sentiment and with stocks opening lower and the story on Chinese growth, all of which brought a 1.0600 barrier and stops below into focus. Surprisingly, once the stops were done, a large number of buyers emerged and the AUD/USD jumped sharply by 35 pips and has drifted slowly higher since. Ranges: 1.0593/1.0653

USD/JPY has had a fairly quiet session inside a 30 pip range, with buyers expected near 79.80 and another barrier at 80.50 ensuring range trading. Corporate flows towards the end of the month are also weighing on the pair. Ranges: 80.04/34

EUR/USD has had another rest day, following leads from the AUD/USD and reacting to some small flows in EUR/JPY. Talk that Asian Sovereigns have been good-sized buyers in the cross over the last few days has also been doing the rounds of interbank dealing rooms. Ranges: 1.3229/65

2 Comments

  1. Hi Sean,
    i’m still learning &hope you can explain.
    for usd/jpy, what does it mean by “Corporate flows towards the end of the month are also weighing on the pair” and what impact it has for this pair?

  2. Kevin Rudd’s Mobile Challenge
    http://www.KevinRudd.mobi

    At stake? The dignity and integrity of the nation.

Top

© Copyright 2014 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.