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Forex Market Update: Euro-Dollar Pulls Back as Asia Equity Markets Retreat From Afternoon Rally
Wednesday, 03 December 2008 06:03:48 GMT  |  Geng Chen, DailyFX Research
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Currencies were following the Nikkei performance during the Asia session. The USD/JPY rallied from morning lows of 92.82 to highs of 93.63 in reaction to the Nikkei surge of 2.5% in the afternoon, but when the Nikkei pared gains, the USD/JPY retreated to 93.20. Similarly, the EUR/JPY rallied from lows of 117.83 to highs of 119.26 before retreating to 118.51. The EUR/USD tracked the EUR/JPY performance, rising from lows of 1.2682 to 1.2742 highs, only to pullback to 1.2684. In addition, the AUD/USD rise above 0.6450 despite weak GDP data, and pressuring the NZD/USD back to session lows of 0.5282 into the afternoon. Oil bounced about 87 cents on the futures but remains under $48 while gold prices fell $3 to $779. The Nikkei rally was hampered by reports of shut downs in Japan's steel industry and on the back of the poor global auto sales, including the U.S. data from Tuesday.

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