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Session Recap: Italian PM elected; Yen strength and USD weakness with Japan and China closed

FXstreet.com (Barcelona) - Quiet Asian session with broad USD weakness and Yen strength amid thin markets due to Japan and China closed over holidays. USD/JPY printed fresh 8-day lows at 97.32, while GBP/USD touched fresh 10-week highs at 1.5525.

EUR/USD jumped to session highs at 1.3070 on Italian new government formation, but soon eased from there to recent 1.3050, while Aussie has printed session highs at 1.0320 on Australia PM Gillard's comments about future current account surplus.

Gold moved to session highs at $1474 adding $12 since past Friday's close, while Oil has retraced slightly below the $92.50 mark. Local open share markets have traded in a mix fashion, with Australian ASX gaining more than +0.4%, while Korean Kospi and Hang-Seng are both in the negative.

Main headlines in the Asian Session:

Enrico Letta sworn in as new Italian PM

Forex Flash: USD/JPY carving out a potential double top - BBH

Japanese and Chinese markets closed today

Forex: EUR/USD edging higher after new Italian PM elected

Greece passes bill to unlock further aid

Forex Flash: Big week with central bank policy meetings - NAB

Goldman Sachs have ended their gold short recommendation

Forex: AUD/JPY edging lower towards support at 99.90

Forex: USD/JPY continues to trade lower, breaks through initial support of 97.55

Australia PM Gillard: Australia to deliver budget surpluses in mid-term

Forex: EUR/JPY down below 127.50 on Yen strength

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EUR/USD has started the week off on a strong note, benefiting from the headlines that Enrico Letta has been elected as the new Italian Prime Minister. At one point earlier in the session, the pair had traded as high as 1.3068, but is now back to consolidating near the opening print of 1.3050. .
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The AUD/USD is trading sharply higher to start the week, up 40 pips at 1.0318 last. In recent weeks both HSBC China PMI, and Aussie CPI came in below expectations which some analysts believe could lead to interest rate cuts by the RBA in coming months.
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