Forex: EUR/USD climbs to session highs, around 1.3215/20

The single currency is navigating session highs at the end of the Asian session on Monday, as risk appetite is prevailing despite the softer result from the flash manufacturing PMI in China for the month of February.

Empty docket today in the euro area would only leave attention to the key parliamentary elections in Italy.

At the moment, the cross is flat at 1.3217 with the next support at 1.3122 (MA100d) followed by 1.3039 (low Jan.10) en route to 1.3018 (low Jan.7).
On the flip side, a breakout of 1.3246 (high Feb.22) would expose 1.3289 (MA55d) ahead of 1.3343 (MA10d).

Feb 25, 2013

Session Recap: Yen sells as new BoJ head enigma dissipates

Asian traders had a lively session, with risk events coming from varies angles. Firstly, the Japanese Yen was sold off in an aggressive fashion after weekend reports were unanimous in confirming that Mr. Kuroda, a dovish BoJ candidate, is the pick by Japan's PM Mr. Abe to become the new head of the BoJ. After a sizeable gap at the opening, Yen crossses have stabilized somewhat lower, but still struggling to fill up the lost ground.

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Feb 25, 2013

Asian markets up ahead of Fed's Bernanke on Tuesday, Italy on election

China had disappointing HSBC flash PMI (50.4 in Feb, down from 52.3) and it's been reported (no confirmation yet) that PM Abe will nominate dove ADB President Kuroda to lead the BoJ. Investors may also be getting ahead of Tuesday’s Bernanke semi-annual testimony (likely to be dovish), and the $85b sequestration cuts scheduled to kick in on Friday, barring a last-minute deal in the US.

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