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Session Recap: Yen the big winner, USD follows thru

FXstreet.com (Barcelona) - A quiet session today to the start the week off in Asia-Pacific with only a big push higher on USD across the board but against Yen, putting EUR/USD down to 1.2780, AUD/USD to 1.0385, and USD/CHF up to 0.9530. Yen was the big winner though on the back of soft Tankan survey results, ending as the strongest currency among all majors.

Local share markets were all in the red with Nikkei index down around -1%, Australian ASX -0.57%, Hang-Seng -0.74%, Kospi -0.42%, and Shanghai -0.13%. Gold and Oil started the week both gapping higher but didn't take long before they both turned lower, Gold still slightly on the positive, while Oil turned negative, currently a bit off session lows.

PMI Manufacturing data coming out of China showed a 50.9 figure in the official one, although better than previous, it was below expectations, while the HSBC final one came in totally in line with expectations.


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Forex Flash: RBA likely to reiterate easing bias tomorrow - Westpac

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Forex: AUD/USD below 1.04 after disappointing China PMI

China PMI comes below expectations

Forex: USD/JPY dips further, 94.00 holds

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Following what appeared to be a head and shoulders bottom for sterling, as Marc Chandler, Global Head of Currency Strategy at BBH, notes, "it is not uncommon for a retest of a neck line at 1.52 in a head and shoulders pattern, though this time it was rather deep." However, "technicals suggest it may be premature to abandon the idea" Marc says.
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