Session Recap: USD on hold ahead of NFP; Oil breaks above $108

FXstreet.com (Barcelona) - The USD has eased a bit from recent fresh 2-week highs at 82.46 of DXY spot index, on the back of mild Euro and Yen strength, taking EUR/USD to session highs at 1.3224, and USD/JPY to session lows at 99.25.

AUD/USD printed fresh 35-month lows at 0.8890 following lower than expected Australian PPI data, rising expectations to a 25bps cut next week on interest rates by the RBA.

Local share markets in the Asia-Pacific show gains overall following yet another all time record high in US SP500 above the 1700 points mark, while Oil climbed above the $108 handle, and Gold holds above key $1300 figure, all ahead US NFP at 12:30 GMT.

Main headlines in the Asian Session:

Australian 25bp rate cut on August 6 – market at a 94% probability

Oil soared to recent multi-year high

China People’s Daily: Commerce minister – China H2 exports outlook pessimistic

Japan July Monetary Base (YoY) up to 38% vs 36%

Non-existent inflationary pressure for Australian commodity producers

Australia raise unemployemnt forecast to 6.25% – Sky News

Australian downgrades economic outlook, higher unemployment seen