Forex Asian Session Trading News – Uncertainty still present in the Eurozone

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The EURUSD opened up the session with a 30pip downward gap compare to the closing price it recorded on Friday. After the opening the EURUSD pair continued to record losses to reach a new six week low at 1.4047. Uncertainty and concerns in the Eurozone over the sovereign debt were reflected from the value the pair opened the session and especially the news incident about the IMF chief being arrested on charges of an attempted rape against a maid in a hotel he was residing in New York. The rest of the day is to be crucial for the Euro especially with important economic indicators such as consumer price index and trade balance.

The Yen started up the Asian Session with gains against the US Dollar. This was before the announcement of hawkish much better than expected core machinery orders and Domestic Corporate Goods Price index figures. The announcement of this data gave some minor temporary gains for the Yen but after that the Dollar was able to rise to a 81.06 session high from which it currently appears to be recovering before rising again. The USDJPY pair has been following an upward hour trend since the 5^th of May and is currently traded at 80.94.

The Sterling against the US Dollar apart from its first two trading hours where most of the volatility took place was traded in a sluggish silent trading as the range of its values was only 25 pips. Apart from the early trading hours there was not any significant action . Highly important retail prices and consumer price index figures are to be announced tomorrow in the UK.

The Aussie has recorded some losses today. Mixed data was announced during the session with Investment Lending appearing to have improved while home loans and New Motor Vehicle Sales to have declined. The data did not generate any major volatility for the currency. The session was relatively sluggish with the session high being at 1.0579 while the session low at 1.0525.

Gold the precious metal, has opened the week with a decline that dropped its value to USD1486.73 an ounce from the 1494.88 it closed on Friday. Gold and commodities have showed a decline as the US Dollar became stronger following the concerns over sovereign debt in the Eurozone ahead of the finance ministers meeting. The arrestment of the IMF chief had increased these uncertainties