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Session Recap: Quiet end of month in Asia ahead of Wed FED meeting

FXstreet.com (Barcelona) - Yet another slow Asia-Pacific session this Tuesday with Japan back into business after a 3-day weekend, but China still closed on holidays, and USD index barely moving to the upside. Mostly all pairs and crosses inside tight ranges, ahead of a critical week with plenty of central bank meetings, including FED Wednesday and ECB Thursday. EUR7USD below 1.31, AUD/USD below 1.0360, Cable below 1.55, and USD/JPY below 98.

Local open share markets trade all in the positive but Nikkei index that is breaking even at the moment, while Korean Kospi advances +1.25%, Australian ASX +1.01%, and Hang-Seng +0.82%, with Shanghai closed. Oil is flat at fresh highs around the $94 handle, while Gold eases a bit from $1476 highs to current $1470 off session lows at $1468.

In the data front, worse than expected building consents and business confidence in New Zealand, along with private sector credit in Australia in line with previous but below expectations, while in Japan mixed data with better than expected unemployment and household spending, the latter at best pace since year 2004, and worse than expected industrial production and retail sales.

Main headlines in Asian session:

Wall Street rallies on US housing data and Italian 'finished' job

Forex: EUR/USD closes at 1.3100, just ahead the 1.3115 key price

Forex: NZD/USD holding above 0.8550

New Zealand March Home Building Approvals -9.1% MoM, +2% expected

Forex Flash: Euro may extend recovery toward $1.3350 - BBH

Commodities Brief: Oil closes sharply higher as “risk on” assets find steady buyers

Forex: AUD/USD capped below key Fibo level at 1.0360

Forex: EUR/JPY closes slightly higher as recent trading range continues

Forex: EUR/AUD – More consolidation before the next leg up?

Forex: USD/JPY above 98.00 again

Forex: EUR/USD – Will upcoming monetary policy meetings help make the picture clearer?

The EUR/USD traded sharply higher today, closing up 63 pips to finish the day at 1.3092. The upcoming European session will be busy with German Retail Sales, German Unemployment, and Spanish GDP to name a few. The real volatility will most likely pick up later in the week, when both the ECB and Federal Reserve will be holding monetary policy meetings. Finally, we will get Non Farm Payrolls to round out the week in the US
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