Resources for the Independent Trader Blog

Asian Session – Waiting for the Fed

Posted on July 31, 2013 by the XM Investment Research Desk at 6:13 am GMT

Dear Reader,

The Asian session on Wednesday was very quiet as expected, with most currencies tight

ranges ahead of a slew of economic data and the very important FOMC policy

announcement.

Market players are being cautious and waiting to see what the Federal Reserve policy

statement will reveal with regards to when it will decide to reduce stimulus measures that have been weakening the USD.

EURUSD did not see a whole lot of movement, confined in a tight 15-pip range and supported above the key support level of $1.3250.

EURGBP remained bid and edged even higher to 0.8708 following the break higher

yesterday due to the broadly weaker sterling.

GBPUSD saw some more losses in the Asian trade, though minor, touching lows of

$1.5218.

USDJPY was confined to a 97.83-98.14 range. This pair will be the most in focus in the

U.S. session later today as U.S. GDP data, ADP jobs data and the FOMC statement are due.

The Australian dollar was the only mover in Asia, as AUDUSD fell further to a low of

$0.9011, extending the decline from yesterday’s drop following comments from the

RBA’s Stevens who signalled more rate cuts are possible.

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