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Asia Session
Wed, Jul 23 2008, 05:19 GMT
by Forex.com Research Desk
The story in today's Asia session was one of consolidation but the narrow ranges could be hiding a potentially larger theme. Stronger US equities and lower commodity prices contributed to a powerful rally in the USD. USD/JPY has broken through the critical 107.10 area and EUR/USD now can't get back over 1.5800. If we see further sideways movement this could be a setup for a continuation move higher in the USD.
An interesting relationship appears to be developing in the EUR. Could it be acting as a new 'safe haven' currency? Recently we have seen buyers pile into it whenever there was a whiff of uncertainty and similarly we have seen a sharp decline in EUR/USD as US financial stocks have staged a sharp rally. As we have all seen correlations can change (JPY crosses and equity markets) but this could be one to watch.
Looking forward, we have the Bank of England minutes during the London session as well as more data later in the week concerning the US housing market. The balance of the week in Asia is focused on the Reserve Bank of New Zealand rate decision and Japanese CPI.
Upcoming Economic Data Releases (London Session):
- UK: (8:30GMT) Bank of England Minutes
Published on Wed, Jul 23 2008, 05:20 GMT
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Published On Mon, Oct 6 2008, 06:22 GMT - Asia Session
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Published On Thu, Oct 2 2008, 23:43 GMT - Asia Session
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