Tuesday, June 29, 2010

Forex day trading Asian open

Forex day trading Asia Open. Asia awoke this morning in a rather bearish mood after the New York-based Conference Board said its China leading economic index rose only 0.3% in April, far lower than the 1.7% gain reported in June. With investor sentiment dampening on the news , Asian stocks went through a large selloff and are poised to close significantly lower, led by the Shanghai Composite which fell to a new year low (down 3.45%) followed by the Nikkei which was down 1.47% at the time of writing. Following the downward revision, fears that the growth prospects in a country what has been termed the engine room for the global recovery may falter have seen risk sentiment severely erode as investors flocked to the more traditional safe havens - the yen appreciated to a seven week high against the Greenback, hitting 88.61 while AUDUSD and NZDUSD both shed approximately 1% on the day. Gauging by Asia's harsh reaction to the news, the bearish mood should filter into the European trading session and should keep risk markets in check. Investor sentiment could take a further hit when the consumer confidence number reading for the Euro-Zone region releases at 9 am GMT today. Although expectations show a slight drop in the consumer confidence (a survey on Bloomberg shows the figure expected at 98.1) we will need to keep an eye out how far the number falls from the previous reading of 98.4. Earlier in the morning, data from Japan showed that industrial production and household spending slipped during the month of May. This was compounded with a slight uptick in the jobless rate in Japan (5.2% v 5.0% exp) and a lower YoY vehicle production figure (30.6% v 50.8% prev).

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