ForexLive Asia FX news: Little ado about something

Author: Eamonn Sheridan | Category: News

Forex and Bitcoin news for Asia trading Monday 5 March 2018


The opening session of the week for forex started out promisingly with a 'gap' higher for the EUR ... not big but a promise of perhaps a busy movement day ahead.

This was not to be.

EUR/USD opened more strongly than its Friday US closing levels, bouyed by news out of Germany that Merkle would be forming government with the support of the SPD. EUR continued to edge a little higher, topping out circa 1.2360 on the breaking news dueirng the early Asian morning that exit polls were indicating an as expected result in the Italian election. 'As expected' it was, but that was a hung parliament which is not usually conducive to a positive currency atmosphere. EUR/USD began a reatace then. It dropped 60 or so points or so, down to around 1.2300 and has since found some sideways just above 1.2360.

As election responses go this was a mild one and we now await further counting, further clarity, and the Europe/UK and then US market response.

USD/JPY, conversely, lost a few points around opening time, it too retraced and has settled close to mid-range circa 105.48. A similar story for USD/CHF, opening a touch softer, then rebound. Cable is a few points lower on the session.

AUD, NZD abd CAD are all a little lower on the day here while maintaining limited ranges.

We had a lot of data from Australia today, plenty of inputs to Q4 GDP. Q4 was October to December last year, so while the GDP is going to be of interest (its published on Wednesday at 11.30 am local time - 0030 GMT on March 7) do remember that it is ancient history now.

Of more interest (to me at least) today was the strong rebound for January building approvals. January ... huh  ... also ancient history I guess.


Still to come:

And, join me on the Asian time zone tomorrow for a huge day - Australian data and RBA decision