Euro Continues Turnaround in Asia..

Once again Asia sees a quiet session with orderly moves higher in risk as the Euro regains some ground lost from yesterdays disappointing data. Yesterdays poor factory orders out of Germany hit the EUR/USD hard, dropping the pair to over two week lows near 1.3510. The data which came out -3.4% versus an expected -1.4% clearly disappointed investors, but today’s session in Asia saw a continuation of Euro buying, pulling the currency out of the hole to late day highs near 1.3630. An end to Lunar New Year holiday festivities saw traders back at their desks and bullish Euro. A lack of any real top tier data over the next 36 hours may keep markets locked in a consolidation mood.

The GBP/USD continued to benefit from chatter that the Bank of England would need to raise rates sooner than later in order to fend off inflation and the GBP/USD saw a 40 pip rise to 1.6150 due to that hope. Many believe that the BoE will announce their first interest rate hike as early as May. The central bank will be able to state their case on Thursday when they announce the rate decision and the subsequent statement.

Elsewhere in Asian trading, the AUD/USD climbed straight up from early 1.0115 lows, eventually topping out near 1.0155 on the day. Thursday in Australia will bring some vital employment data in the unemployment rate and employment change. While the yen saw weakness in the crosses. The USD/JPY pair was once again on life support, today with a 10 pip range between 82.25 and 82.35.XAU/USD remained steady near $1350.00 per ounce and BCO/USD traded sideways near 99.30 per barrel.

Источник: FOREX.com

08.02.2011