Opened in Sydney around $1.0480 and slipped to $1.0467 in the wake of yesterday’s sharp BHP led fall from $1.0625 to NY lows of $1.0457. Rumoured strong bids from exporters ahead of $1.0450 deterred further downward momentum and the pair headed higher led by Japanese, Singapore and HK names tripping stops up through $1.0500 to $1.0528. The move fell short of stops lying at $1.0530/35. Aussie then slipped back on a press article in the “Australian” newspaper that stated growth fears on the back of waning energy and mineral demand, which prompted a slip back to $1.0480. EUR/AUD consolidated the sharp gains from yesterday with a move to A$1.2660 from A$1.2612 and now looks to have broken higher through the Feb26 spike of A$1.2619. Aussie-yen largely tracked the AUD/USD rising from Y87.58 to Y88.05 before slipping back to Y87.69 on the press article. AUD/NZD slipped back from NZ$1.2836 to NZ$1.2805 in quiet trade.
EasyForexNews Research Team