Asia Session Recap

Daily Forex Fundamentals | Written by Forex.com | Jul 28 08 05:36 GMT |

The Trade week started off in Asia in a subdued fashion as the US Dollar quietly crept above 108.00 to register a one month high versus the Yen. With the view that perhaps the gloom and doom in the US economy has subsided a bit, the USD/JPY pair opened near 107.80 and eventually poked its head above 108.00 to reach a high near 108.06. The move didn't last too long and was reversed immediately as the pair sunk to levels below the open by the sessions end. 107.75 looked like the low as of this writing. It is well noted that Japanese exporters are heavy on the offer above the 108.00 figure. EUR/JPY was up for the session after an 169.35ish open, a 169.70 high, and a curtain call of 169.45 as of this writing. With stocks looking to be in favor, many have jumped back on the carry trade band-wagon, selling the Yen and buying higher yielding currencies, thus the pair hovering near the record 170.00 level. The Nikkei followed the US equity lead last week as it came back to life after being trampled underfoot for weeks on end. EUR/USD looked for direction and eventually found it as the pair traded as low as 1.5685 and motored through 1.5725 as the session wound down. Tonight represented a subtle start for the Euro after last weeks high of 1.5945 and low of 1.5628, but with second quarter GDP on Thursday, and US Non Farm Payrolls on Friday, this week could see some very big moves. Upcoming Economic Data Releases (London Session): 7/28 6:10 GE GfK Consumer Confidence Survey AUG 3.9 3.5 Forex.com http://www.forex.com DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.