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Old 28-01-2014, 13:38
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Default Re: Market news and trade recommendations by FBS

Jan. 28: Asian session

Asian shares weakened to nearly 5-month lows on Tuesday on concerns about the emerging markets, but then managed to recover on some encouraging news from Turkey and China. Turkey’s central bank may raise interest rates at an extraordinary meeting today, while China’s largest lender said that investors in a troubled high-yield trust can recoup funds. Nikkei hit 2 1/2-month intraday low before recouping the losses to trade 0.2% above its previous close. MSCI Asia Pacific Index of shares was little changed after dropping 3.7% over the previous 3 days.

USD/JPY is trading in the 102.60 area, below yesterday’s peak at 102.93. The greenback rose against yen before the Fed begins a 2-day meeting amid forecasts it will cut monthly asset purchases by $10 billion.

Commodity currencies are trading to the upside. AUD/USD extends growth for a second day in a row, but faced resistance at $0.8800. Australia NAB business confidence for December came at 6. The prior reading was revised up from 5 to 6. Business conditions index for December rose from -3 to a 2.5-year high of 4. NZD/USD strengthened to $0.8275 after forming a long-legged doji candle with a low at $0.8200 on Monday.

EUR/USD is trading in the $1.3670 area, below yesterday’s peak at $1.3717. GBP/USD rose above $1.6600.
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