It was an abnormally slow Asia session to conclude the week. With most traders taking the ''wait and see'' path ahead of tomorrow's all important U.S. jobs numbers, many of the majors traded within tight ranges. The lack of any Pacific data during the session also added to the muted volatility.
USDJPY traded choppy, making sub 93.00 it home for most of the morning. AUDUSD and NZDUSD saw limited action as well, with Aussie continuing to struggle with short term resistance around .8400 and Kiwi dealing just below .6800 in a tight consolidation.
In the upcoming London session, all eyes will likely continue to be focused on the NY morning. With estimates ranging wildly and given the current state of the markets, traders will probably be looking for some conviction. We expect the risk trade to once again be the flavor of the day.
Upcoming Economic Data Releases (London Session)
| 9/4/2009 | 7:15 | SZ | CPI (MoM) | AUG | -0.70% | 0.20% |
| 9/4/2009 | 7:15 | SZ | CPI (YoY) | AUG | -1.20% | -0.70% |
