Currency Pair Overview Sluggish Asian Session, As Expected

Overall, the Asian trading session went very slow. This was expected somehow, after the strong trading sessions seen one day earlier. Since it is Friday, there are chances the market will lack some momentum, but any potential news about the automakers bailout plan has the potential to make the market swing wild.

Ahead, the European session lacks any important releases, even though the U.S. session starts with some very important releases, like the PPI and retail sales.

The Euro (EUR/USD) advanced to almost a two month high yesterday, helped by a shift in view at the ECB. Furthermore, the euro advanced despite the U.S. future market was trading in the red, something that has not happened lately. At the end of the day, the euro gained 320 pips. In the Asian session, the euro barely moved.

The Pound (GBP/USD) traded very volatile in the last day, unable to break higher from the first attempt. The pair advanced some 250 pips yesterday, to finish the day slightly above the 20-day moving average. In the European and early U.S. sessions, the pound traded very chaotic in a 100 pips channel, despite that the rest of the market was trending at that time. 

The Aussie (AUD/USD) managed to gain 150 pips and break above the 50-day moving average yesterday, helped by a very strong market. The pair headed up from the beginning of the Asian session, but at first, it bounced off the 0.6650 resistance area. However, the market helped the aussie pull around and break higher, to finish the day at a one month high.

The Cad (USD/CAD) fell a very strong number of pips yesterday, as the dollar was being sold across the market and oil was posting its first gains in the last few weeks. The pair finished the day 250 pips lower, even though at one time it fell 450 pips, near the 50-day moving average. In the Asian session, the cad traded in a tight channel along the neutral pivot point (1.2370).

The Swissy (USD/CHF) fell in the last four days around 350 pips, from which 130 pips came only yesterday. The pair closed yesterday near TheLFB S2 (1.1845), despite that the Swiss National Bank had further eased the monetary policy stance by 50 basis points and announced some additional measures. In the Asian session, the swissy traded in a 30-pip channel.

The Yen (Usd/Yen) closed the last day of trading near TheLFB S3 (91.45), after it plunged 140 pips.
The yen lower was dragged lower by the strong correlation with the S&P futures, yesterday. Yet, quickly after the U.S. session close, the yen managed to advance around 30 pips