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Forex Market UpdateThe Aussie steals the picture in Asia!
The RBA unexpectedly raised the cash rate 25bps to 5.75% and AUDUSD traded to a 0.7679 high in the Asian trading session
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€¢ US pending home sales March, out at -1.2% vs. -0.5% expected.
â€¢ US ABC consumer confidence May 1, -13 vs. a prior reading of -11.
â€¢ UK nationwide consumer confidence April, out at 93 vs. 96 expected.
â€¢ US total vehicle sales April, out at 16.7M vs. 16.6M expected.
â€¢ US domestic vehicle sales April, out at 13.0M vs. 13.3M expected.
â€¢ Australian RBA cash rate May, unexpectedly out at 5.75% vs. 5.50% expected.
â€¢ New Zealand money supply M3 (YoY) March, out at 9.1% vs. a prior revised reading of 7.6%
THEMES TO WATCH â€“ UPCOMING SESSION
The market was held to range trading theme, with the market lacking major news or data which gave little incentive to trade out of Mondayâ€™s ranges. But the market still in general sold the dollar against major currencies on any they got throughout Tuesdayâ€™s session.
Todayâ€™s highlight is Bank of England rate announcement where the market expect, them to keep the policy steady after a 2-day meeting. Later at 16:00 GMT, Fedâ€™s Bernanke's speech at Bank of Anacostia Economic Summit, could be of significance if Bernanke decides to clarify CNBC report that markets misread his recent JEC testimony as indicating Fed is almost done raising rates and that he was worried with market perception of him having "dovish" inclinations. Despite the meeting not having a Q&A session.
Note: the support/resistance levels used in the matrixâ€™s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur
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