Good Friday/ Easter holiday sleep mode trading seeped into the Asian markets, as Australian, New Zealand and Hong Kong markets were closed. Rest of the Asian equity markets traded mixed amid a lack of fresh catalysts and thin liquidity.
Across the fx space, the Japanese Yen failed to react to a minor uptick in the Japanese CPI figures and also ignored the Bank of Japan’s (BOJ) routine bond market operation. Therefore, the USD/JPY pair stuck to its tight range just under the 112 handle.
Both the Antipodeans remained on the front foot amid stalled USD buying across the board but held on to the familiar ranges. The Aussie consolidated the minor bounce near 0.7150 while the Kiwi remained capped below the 0.67 handle. The EUR/USD pair regained the bids near 1.1240 region while the Cable circled around the 1.3000 level despite strong UK retail sales report.
Main Topics in Asia
US Pres. Trump: Russia did not affect 2016 US presidential election - Twitter
US ITC: USMCA trade deal would raise US GDP by 0.35%
Gold Technical Analysis: Eyes corrective bounce on bullish 4H RSI divergence
USD/JPY seesaws around 112.00 as Japan National CPI matched expectations
Labour MPs to urge Jeremy Corbyn not to 'torpedo' Brexit deal - The Guardian
Saudi Arabia’s oil exports fall below 7 million Bpd in February
BOJ trims long duration JGB purchases by JPY 20 billion
PBOC sets yuan reference rate at 6.7043
Japan’s Suga: Japan will invite US President Trump to visit Japan May 25-28
Japan’s Aso: No change of plan to raise sales tax
Key Focus Ahead
The Good Friday European calendar remains data-empty as all the major European markets are closed today, except for the Italian markets. Therefore, the EUR, GBP traders could look forward to the Italian business and consumer confidence figures due at 0800 GMT for some trading incentives.
Meanwhile, the NA docket remains a thin-showing, with the US housing starts and building permits only of note, dropping in at 1230 GMT. The US data is unlikely to have any impact on the dollar trades, as the US and Canadian markets are out on a four-day Easter holiday break, leaving quiet trading across the fx board until Tuesday.
EUR/USD Technical Analysis: Bid in holiday-thinned trade, bullish channel breakdown confirmed
The repeated failure to close above 1.13 followed by the bullish channel breakdown indicates the path of least resistance is now to the downside and the recent lows near 1.1170 could soon come into play.
GBP/USD: On the defensive despite strong UK retail sales
The path of least resistance for the GBP/USD appears to be on the downside. The British Pound slipped below 1.30 and closed under the April 5 low of 1.2987 yesterday, validating the bearish lower high of 1.3133 created last Friday.
The long weekend is fast approaching, and traders are slowly winding down. So, I won’t waste your time with a lengthy report. But I just came across this chart of the USD/TRY, which you may want to keep in your watch list.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD approaches 0.6900 ahead of Australian inflation
The Aussie is among the best performers against the Greenback this week, trading at fresh 2024 highs, not far from the 0.6900 mark. Australian inflation data taking centre stage in the Asian session.
EUR/USD extend recovery amid persistent USD weakness
The Euro benefited from the broad US Dollar’s weakness on Tuesday, trimming weekly losses and looking to retest the 1.1200 level. Additional gains out of the table amid discouraging European data.
Gold's unstoppable run extends beyond $2,650
Gold price keeps posting record highs on a daily basis, now comfortable above $2,650. Poor United States data fueled speculation the Federal Reserve will trim rates by another 50 bps when it meets in November.
Crypto Today: Bitcoin, Ethereum and XRP consolidate as SUI continues impressive run
Bitcoin traded around $63,600 on Tuesday, as prices appear to be consolidating within the $62,000 and $64,700 key levels. On-chain data shows that the consolidation may be due to profit-taking by holders and mild Bitcoin ETF net inflows of $4.5 million, per Farside Investors data.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.