Opened in Asia at $1.0643 having traded a $1.0591-$1.0670 range in NY recovering from the lows seen on comments from ECB’s Draghi, and later rallying back on high optimism over the Greek PSI take up and talk of support now up to a possible 95%. Asia markets were mixed with poor Chinese CPI(+3.2% from +4.5%) and weak aussie trade data (-A$673m from +A$1.7bln) leading the pair lower again to $1.0617, before recovering to $1.0663 after PBOC fixed the Yuan at CNY6.3073, up some 162 points. Strong offers now sit up at $1.0670 with good bids in place down at $1.0590 and $1.0550/55. AUD/JPY largely mirrored the move but posted stronger gains on the day as models, CTA’s and macro funds all sold yen and took the cross up from Y86.63 to Y87.23. EUR/AUD pushed up to A$1.2491 on the weak data releases, before turning sharply lower later to A$1.2442. The A$1.2500/20 resistance zone continuing to be a stumbling block on rallies after NY highs of A$1.2520. AUD/NZD fell back from early highs of NZ$1.2924 to NZ$1.2879, later settling around NZ$1.2890.
EasyForexNews Research Team