The Asian market trading morning remained a quiet session as EURUSD maintained locked a tight trading range of 1.3172 to 1.3188. The cable, GBPUSD on the other hand equally maintained a 20-pip trading range between started the session at 1.5885 and traded down to a low of 1.5866 before reversing back up to the startingg price.
However, the most active pair of the session was the Aussie Dollar pair, AUDUSD due to the RBA interest rate announcement. Although rates were kept at 4.5%, the accompanying quarterly statement points to a sustained positive economic outlook in the months ahead. This sentiments saw a the pair, AUDUSD rise from around 0.9135 to the week high of 0.9180. How realistic is the sustainability for the Us dollar, USD parity?
The dollar-yen, USDJPY, that had fallen on the previous European session, saw buying interests from Japanese traders. It had started the session near the days low at 85.70 and rose to a high of 86.18. With all the low volatility economic news today it is becoming more and more difficult to call in the London session.
We should see some greater movements on the US Non-Farm and Unemployment Reports close to New York trading session open. Due to these factors above we will remain cautious for today’s trades.
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