OctaFX | OctaFX Forex Broker
Open trading account

Session Recap: Aussie extends recovery post RBA

The Australian Dollar was the main mover along the Asian session, after the RBA held rates unchanged at 3%, also retaining a dovish tone on its monetary policy statement, yet there seems to be growing sentiment in the market that the central bank has no urgency on further easing for the time being. AUD/USD broke through important 1.0225 resistance, threatening a descending trendline around 1.0240 now. The Aussie was also supported by strong retail sales data.

The other late mover in Asia was the Japanese Yen, with some short Yen squeeze taking place after a Japanese opposition official from the DPJ stated he was opposed to support Mr. Iwata as the BoJ deputy nominee. The market, amid uncertainty over the backbone of the deputy arm under Kuroda's leadership umbrella, reacted buying some Yens as a response. The buying was moderate though. Euro, Pound await European market bids to unravel its motionless moves.

Main headlines in Asia (in chronological order)

- AUD/USD takes control of 1.0180 ahead of RBA

- Short NZD/USD stopped out at break even - Westpac

- Australian retail sales Jan stronger-than-expected

- China February HSBC Services PMI 52.1 (vs. 53.5 prior)

- Japan opposition official: we cannot support Iwata as BoJ deputy

- RBA holds rates: retains dovish tone, but no urgency to cut

- AUD/USD higher post-RBA on hold

Commodities Brief: Oil off fresh 2-month low sub-$90

Oil printed another lower daily low at 89.33 for the April light crude contract, lowest in 2013 so far, down for third consecutive day. Out of the 13 days since Oil printed second $98 high, it has been down 9 of them, last at 90.28, mostly unchanged from NY close, finding support at the 200 day SMA around the $90.40 mark. Daily RSI 14 enters in oversold levels for first time since late Oct as it reads 30.52 last.
Read more Previous

Forex: GBP/USD again quiet in Asia-Pacific above 1.51

Cable is last at 1.5122, near the lower side of the small range 1.5116/41 the pair has been into for fourth consecutive Asian session, following a 0.60% increase since yesterday's Asia-Pacific close, despite pretty bad UK Construction PMI data yesterday. Today's UK Services PMI data at 09:00 GMT will be key risk event for the London session ahead, as Cable stabilizes loses after being near -7% underwater for the year so far.
Read more Next
Start livechat