Asia Session

March 12, 2010 1:43 AM

The session began once again today with New Zealand data first thing in the morning, in today’s case, core retail sales. Although the retail sales data came in double the expectation at 0.8%, the core retail sales data came in softer at 0.3% vs. 0.7% expected, pulling NZD/USD from 0.7015 highs to eventual lows near 0.6985. The poor data helped to reinforce the RBNZ’s view that interest rate hike will likely remain on hold for some time. The pair eventually made back some ground to end the session just over the 0.7000 level.

Over in Europe, the EUR/USD saw a late session run through the 1.3700 level due mostly to stops being triggered along the ride. Against the yen, the euro gained ground as well, reach 124.20 as the yen crosses enjoyed a touch of risk appetite as the Japanese Nikkei 225 hit highs not seen in almost two months. AUD/JPY enjoyed an 83.10 high although GBY/JPY was pretty stagnant near 136.60. Yen weakness was also attributed to a continued crossfire of comments between Japan’s central bank and government officials that lead many to surmise that next week’s monetary policy meeting will spell out further easing. USD/JPY continued its range bound trading once again today, stuck between 90.45 and 90.75.

The week ends tomorrow with US Retail Sales, data that has many traders currently sitting back in anticipation of a hopeful solid sign of future dollar moves. Have a nice weekend.

Upcoming Economic Data Releases (London Session)                               prior       expected

• New York Session
• London Session

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