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Overall, the currency market gained a few pips compared to the dollar throughout the Asian trading hours, but still, these gains came on a very thin volume, which does not make them a reliable gauge for the overall’s market direction. The European economic release calendar is light today, having only one important release during the late European session. During the U.S. open, the market will see the unemployment claims number, and the Q1 final GDP numbers.
The Euro (Eur/Usd) gained a few pips throughout the Asian session, something that helped the euro halt the strong declines seen in the previous day of trading, on Wednesday. Later in the day, a report is expected to show that industrial new orders in the euro-area remained flat in April, which is a substantial adjustment given the record pace industrial production contracted in the previous months.
The Pound (Gbp/Usd) is trying to break above the neutral pivot point (1.6460), after the pair gained 40 pips since the Thursday session begun. Yesterday, the pound advanced as much as 150 pips and managed to break above the range seen in the past few days of trading. However, the pound shed every pip gained earlier throughout the U.S. session, which made the pair form a bearish pin-bar candle, something it is reversing from in afternoon Asian trade.
The Aussie (Aud/Usd) managed to break above the neutral pivot point (0.7978) throughout the Asian session, as the pair gained 40 pips. Over the last period, the aussie showed a lot of strength, however, the pair was unable to sustain a trend as the currency market lacked a clear direction.
The Cad (Usd/Cad) is currently trading near the 1.1550 area, where the pair topped out over the last two days of trading, and at the same time holding just below the 50-day moving average. On Wednesday, the cad appeared hesitant to move anywhere decisively, as crude oil lacked a solid direction throughout the trading session.
The Swissy (Usd/Chf) continued to trade on a thin volume throughout the Asian session, as was the case over the last few days. Moreover, traders will probably stay away from the swissy for a while, following the apparent ‘Institutional Intervention’ , possibly from the Swiss National Bank, to devalue the Swiss franc, something that made the pair surged nearly 400 pips on Wednesday to reach the highest value in a month.
The Yen (Usd/Yen) bounced off the support trend-line that connects the 01.21 and 5.22 lows during the Asian session, and advanced 50 pips up to TheLFB R1 (96.10). However, around this area the yen hit the 200-day moving average, which acts as an important swing area.
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