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Old 29-01-2014, 14:08
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Default Re: Market news and trade recommendations by FBS

Jan. 29: Asian session

Asian markets rallied on Wednesday after Turkey raised the benchmark interest rate from 7.75% to 12%, stirring hopes the drastic action would short-circuit a vicious cycle of selling in emerging markets and revive risk appetite generally. MSCIís broadest index of Asia-Pacific shares outside Japan rose by 1.2% after three sessions of falls.

Nikkei rose by 2.2%. USD/JPY recovered to 103.44. Commodity currencies strengthened on the Turkish rate hike. AUD/USD extends the recovery for a third day in a row. Aussie rose to $0.8830 before retracing in the late Asia. NZD/USD also remains supported, but was unable to overcome the $.8300 handle for now. Investors wait for the RBNZ meeting at 20:00 GMT (an hour after the FOMC announcement). There is a market expectation for a rate hike or at least for a rate hike promise by the RBNZ Governor Wheeler.

EUR/USD is testing $1.3650 to the downside. GBP/USD is little changed in the $1.6575 area.
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