The US Dollar continued to walk on the edge of 2009 lows in Asia today, and the Yen saw buying interest as stocks sputtered following a lackluster day in the US. Many currency pairs looked like they followed similar paths as yesterday, as a look at the charts will show eerily familiar highs and lows as 24 hours ago. EUR/USD chugged along in about a 20 pip sideways pattern between 1.4422 and 1.4391 all session with little excitement in between. GBP/USD traded sideways as well despite what turned out to be better than expected Nationwide Consumer Confidence data. The pair bounced between 1.6955 and 1.6925 for the majority of the day, but looked to fall through that support as the session wound down. The Kiwi Dollar had a better than usual run today, as it broke through 0.6748 against the US Dollar to post a 10 month high as the powdered milk export market showed very high demand. Against the Yen, the pair skipped through 64.34 session highs, levels not seen since October of 2008 as well. As the day came to a close in Asia, the Greenback saw some gains as traders took profits and a hint of risk aversion crept into the market as stocks slipped into the red and positions were cut ahead of some important European data. The Yen showed strength late as well, as the crosses all fell out of their comfortable ranges and USD/JPY dropped back below 95.00. All eyes should be focused on the data out of the US tomorrow, including ADP Payroll Employment change, ISM Non-Manufacturing PMI, Factory orders and finally crude inventories. Full text »
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