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Session Recap: USD pares some losses; RBA leaves rates unch at 2.75%

FXstreet.com (Barcelona) - The USD resumed the small correction higher during the Asia-Pacific trade after finding some bids in early NY session at the 83.5 key level of USD index as major Fibo retrace of previous daily up leg from early Feb lows. EUR/USD printed session lows at 1.3055, and AUD/USD at 0.9685, while USD/JPY posted session highs near 99.85.

Local share markets showed mixed results with Nikkei index recovering from fresh 6-week lows printed in early Tokyo trade shy of key 13000 figure, last 400 pips above it, up +1.40% for the day. Shanghai index though is down -1.12%, with Hang-Seng and Korean Kospi also in the negative. Gold and Oil both are slightly lower, as opposed to marginal USD gains.

Australian current account deficit came in lower than expected, with RBA leaving rates unchanged at 2.75%, ahead of tomorrow's GDP number. Average cash earning in Japan posted a third consecutive month of improvement although still below expectations at +0.3% m/m vs +0.6%, coming from a previous of -0.9%, while monetary base came in at +31.6% y/y, half the way to go yet from BoJ target at 40%, coming from previous +20%.

Main headlines in the Asian Session:

Roubini: Sees rates at zero until the end of 2014

EUR/USD knocks the 1.3100 door; what's next?

Overnight news: Evidence Mounts Indicating Slowdown in Australia

USD/JPY break of 100.00 reveals new selling pressure

AUD/NZD flat for the week around 1.2050 Commodities Brief: Precious metals finish higher as USD slides

Japan Monetary Base (YoY) up to 31.6% in May from 23.1%

Japan’s economy minister Amari: Wont comment on government’s pension fund’s allocation

Japan’s finance minister Aso: Not easy to achieve 2% inflation

Kiwi treading water below 0.8100

AUD/JPY advances capped below 97.50

EUR/AUD finds some ground in the 1.34 round area

Will economic data later in week free EUR/USD from range bound behavior?

Aussie attempting to maintain ground above 0.9700 after RBA Rate Decision

Aussie attempting to maintain ground above 97.00 after RBA decision

The Aussie is currently trading at 97.03 during Asia trade, down 20 pips from the open but well off the lows which were set down at 96.62.
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EUR/USD sidelined around 1.3060/65

The shared currency is trading in a narrow range on Tuesday, retreating from yesterday’s highs above 1.3100 to the current area around 1.3060/65...
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