The Australian Dollar dominated the Asia session

ASIA ROUNDUP:

• The Australian Dollar dominated the Asia session, losing ground board between -0.6% to -1.% across the board, notably against the Greenback.

• AUD retails sales +0.5% m/m; Home building approvals surged +9.9% from April-May to show low interest rates continue to boost this sector;

• AU Gov Glen Stevens spoke to reiterate A$ is still uncomfortably high and that house prices are too high considering the population and amount of land Australia has.

• As you can see within the Majors, with the exception of AUDUSD, they are all within tight narrow ranges awaiting tonight's mammoth data set. Expect trading to remain very thin until ECB and NFP take over.

UP NEXT:

• Under 'normal' circumstances, each data release above has the potential to move the markets. However due to the plethora of data released this time and the unique situation of ECB rate/press conference coinciding with Nonfarms and unemployment I have highlighted the headline figures the markets will be watching.

• Under the scenario where ECB fails to deliver anything of interest, focus will shift to US employment data. If this too fails to impress the markets will be watching US ISM PMI data for anything away from expectations to instil some volatility.

• Also take note that yesterday's UK data provided very strong housing and manufacturing data which hardly moved Cable up any further. If poor data comes out tonight for Services PMI then we could see some long covering to dip below key support towards 1.717

TECHNICAL ANALYSIS:

Due to the large data set tonight, expect trading to be very quiet leading up to their release. Therefor today’s chart is an observation on GBPUSD with key levels which may help plan your trade for the remained of the week and into next week.