Forex: Aussie attempting to claw back some losses during Asia trade

FXstreet.com (Barcelona) - After trading as low as 1.0155 early in the Asia session, the Aussie has managed to claw back some earlier losses and is currently trading down just two pips at 1.0185. The pair received a nice boost from the China Trade Balance which was released a bit earlier at 1:50GMT.

According to analysts at FXStreet.com, “China April trade balance came at $18.16bn vs. $16.15bn expected. Imports (YoY) in April stood at 16.8% vs 13.9% expected and 14.1% prior, while exports (YoY) came at +14.7% vs 10.3% expected and 10.0% last.”

The FXStreet.com Trend Index remains slightly bullish on the 1 hr chart, while the OB/OS Index reads Neutral. First resistance comes in at1.0200 (supply candle on 30min chart), followed by 1.0220 (previous support, now resistance on daily). Initial support comes in at 1.0154 (low of previous day)

May 8, 2013

Green all over Asian bourses; Nikkei approaches fresh 5-year high

Following better than expected China trade balance figures, reporting a net worth $18.16B surplus, local share markets are extending earlier gains all across the board, lead by Nikkei index that prints fresh almost 5-year highs barely below the 13400 points mark, up +1.25% for the day so far. The last time Nikkei index was this high was back in early June 2008, when it topped at the 14600 points mark.

Forex: GBP/USD rally runs out of steam, finishes day sharply lower

The Sterling finished the day sharply lower, down 58 pips at 1.5481. After what had been an impressive rally off the lows from early March, the pair was capped at 1.5600 the previous three days and finally gave way to lower prices. Economic data on tap in the coming session out the UK will be limited to the Halifax House Price at 7:00GMT. The pair is currently in a narrow range during Asia trade, down six pips at 1.5478.