Closed in NY at $1.0454 after recovering from intraday lows of $1.0410 to $1.0456 into the close. Rate initially squeezed down to $1.0436 in early local trade before recovering to retest that NY recovery high only to meet Aussie-yen sales as Japanese showed strong
yen demand into the Tokyo fix. Aussie-dollar eased to $1.0418, retesting the NY low, before recovering back, the upside momentum gathering pace as the BOJ announced further easing. Rate rallied to $1.0467 ahead of the of the European open. Risk remains in favour and seen taking the rate on to $1.0469. Offers seen into $1.0470, stronger between $1.0490/00, a break to open a move toward $1.0520. Support seen back at $1. 0420/00. S&P affirmed Australia’s AAA rating overnight (stable outlook) though added that they see considerable risks remaining for Australian growth prospects.
EasyForexNews Research Team