The main event risk this morning during the Asian trading session will the Australian GDP number. The Australian economy is expected to show a 0.1% growth over the last quarter, still avoiding the ‘recession’ tag. Whilst these numbers might tell one story, (and might even surprise to the upside this time), the real story is that, ex-farming, the economy is already in reverse and it is just taking some time to catch up with the rest of the world. Here is a link to the full economic calendar.
The biggest technical level to watch will be 98.85 in USD/JPY and I believe the sell orders are heavy towards there. In the AUD/USD, watch for bids at .6350 to underpin in early trade (technicals to follow shortly).
Good luck today.
