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Quiet European Session Sees More Aussie Weakness

Quiet European Session Sees More Aussie Weakness

Benjamin Spier, Technical Strategist

The Forex markets remained relatively quiet during the European session, as London and Japanese Markets remained closed for local holidays and the US has no significant data set to be released during the North American session.

The major release during the European session was the final release of Euro-zone PMI’s for April. The composite PMI was revised higher to 46.9 from a previous estimate that the composite output index was unchanged at 46.5. The revision could not maintain a lasting impact on Euro trading. EUR/USD continues to trade slightly above 1.3100.

Euro-zone retail sales fell 0.1% over March, meeting expectations. The Euro-zone Sentix investor confidence for May was reported at -15.6, slightly higher than -17.3 in April. Neither release had significant effect on Euro trading.

A significant decline could be seen in Aussie trading over the European Session, as AUD/USD fell below 1.0250. The decline continued from a fall seen earlier in the trading day following overnight Chinese and Australian data. Support might continue to be provided around 1.0245, by an upward trend line from early March.

(Did you understand all the terms used in today’s report? If so, test your skills with DailyFX’s Trading IQ Quiz.)

AUDUSD Daily: May 6, 2013

Quiet_European_Session_Sees_More_Aussie_Weakness_body_audusd.png, Quiet European Session Sees More Aussie Weakness

Chart created by Benjamin Spier using Marketscope 2.0

--- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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