DislikedASIAN MARKET UPDATE: FOREX MARKETS CHANGE DIRECTION, NOT CONVINCED BY WALL STREET RALLY
- Asian forex markets change direction during morning session: Asian stocks started the morning up sharply, tracking Wall Street gains, and the renewed risk appetite led to familiar price action. The JPY and USD weakened early while the high yielding AUD gained sharply. After the Nikkei gave back all of its gains, forex markets dramatically reversed direction. The JPY recovered losses across the board while the USD recovered losses against the GBP. EUR/USD could not break through key resistance at 1.3627, with chartists saying that a further decline in EUR/USD is possible if the pair remain below this level. Between 17:00 ET and 23:10 ET: EUR/USD +0.13%, USD/JPY -0.31%, AUD/JPY -0.28%, NZD/USD -0.43%, NZD/CHF -0.69%, USD/CHF -0.24%Ignored
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