The highlight of today's Asian trading is without a doubt Ben Bernanke's speech to the National Economists Club in New York. According to the Fed Chairman, they will continue to maintain "highly accommodative policies for as long as they are needed."
The dovish statement weakened the greenback, particularly against the euro in today's Asian session. Aside from that, there are other reports and data from the US that could affect the currency further, including the US Consumer Price Index for October, Retail Sales, Existing Home Sales, and the FOMC minutes.
From hovering around the 1.3500-1.3520 areas yesterday, the EUR/USD pair picked up today after a round of USD selling. It then peaked at about 1.3575, before sliding later in the day at around the 1.3535 zone. The pair is currently trading at 1.3533, with initial resistance seen at 1.3574, followed by 1.3608. Meanwhile, initial support is at 1.3513, followed by 1.3479.
After making a recovery to the 0.9400 zone late in yesterday's trading, the AUD/USD pair sunk once again today. After peaking at around 0.9440 at the opening of the Asian session, it fell steadily and slid below the 0.9400 area.
This might still be the effect of the RBA minutes released earlier this week, wherein it was revealed that the RBA still prefers an even lower aussie, and that it might still cut rates further if necessary.
The AUD/USD pair is currently trading at 0.9388, with initial resistance seen at 0.9487, followed by 0.9511. Meanwhile, initial support is at 0.9390, followed by 0.9367.
More Upcoming Events
Aside from the US reports later today, there are more data coming out from the rest of the work, starting with the Bank of England minutes (9:30 AM, GMT), Canada's Wholesale Sales for September (1:30 PM, GMT), and Japan's foreign investment reports (11:30 PM, GMT).
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