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Session Recap: Nikkei on fire; USD going nowhere ahead of Bernanke

FXstreet.com (Barcelona) - Another session in the Asia-Pacific with relative intraday volatility, just to end pretty much as it started, with USD index around the 83.80 level, off session lows at 83.68. EUR/USD posted fresh weekly highs at 1.2939, last unchanged at 1.2918, AUD/USD printed session lows at 0.9778 off session highs at 0.9828, while USD/JPY is glued to the 102.50 mark, in the middle of the 102.65/35 range.

Gold is flat at around the $1375 level, Oil slightly lower above session lows at around the $95 handle, and US futures have been muted since NY close ahead of Fed Bernanke's testimony at 14:00 GMT. Hong-Kong's markets have been close due to a severe storm, while Nikkei index has posted yet another 5-year record high above the 15550 points mark, highest since late 2007.

In the economic data front Japan posted a worsening Trade deficit with exports missing to peak up steam, while Australia showed consumer confidence worsen a the fastest pace in more than a year for the month of May in a monthly basis. BoJ did not surprised announcing any new major step in its monetary policy, but insisting in keeping up with the current set of asset purchases in order to rise inflation to 2% in a 2 year period.

Main headlines in the Asian Session:


Commodities Brief: Oil capped again below 97.50, precious metals slide

EUR/USD: Talk of stops above 1.2940 but sellers waiting in the wings

Japan trade deficit worsens

AUD/NZD still drifting sideways but continues to find bids below 1.1990

NZD/USD finding resistance below 0.8200

EUR/USD working its way higher thru 1.2920/40 supply

Australia Westpac Consumer Confidence falls to -7% in May from -5.1%

Sterling plummets as weak UK inflation print scares off buyers

AUD/USD still around 0.98 despite worsening consumer confidence in Australia

GBP/JPY - Will buyers have enough force to take out 156.80 resistance?

BoJ keeps plan to raise monetary base by an annual ¥60-70TR

USD/JPY steady near 102.50 after BoJ Monetary Policy release

Nikkei climbs above the 15550 points mark, highest since late 2007

With Hong-Kong still closed for trading due to severe raining and thunder storm, and Nikkei posting another record high above the 15500 points, highest since late 2007, Korean Kospi is higher by +0.51%, and Australian ASX is down by -0.45%.
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Bernanke testimony, FOMC minutes, & European data to heighten EUR/USD volatility

The EUR/USD finished the day moderately higher, closing up 25 pips at 1.2905 ahead of what is sure to be a volatile session with Fed Chairman Bernanke set to testify in front of congrats at 14:00GMT. Furthermore, we will also see the release of the most recent FOMC minutes at 18:00GMT.
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