Aussie marked a $0.9451 to $0.9521 range in the US last night and started in Asia around $0.9456. The pair traded an early low of $0.9443 as the euro continued with a weak tone at the start of the Asian day but aussie-dollar managed to rebound to around $0.9450/60 soon after. The pair got a further lift from a better-than-expected reading of Q3 PPI, and aussie-dollar reached $0.9470. 30 minutes after the PPI data, China’s semi-official CFLP PMI were released, showing the headline reading at its highest since March 2012, reinforcing hopes that China’s economic recovery will sustain through end-2013. Aussie-dollar went up to $0.9478 after that, before profit-taking and minorpre-weekend unwinding of longs pushed it back down to $0.9458. It then staged another revival in the early afternoon as the US dollar and the euro continued to weaken, with aussie-dollar then marking fresh highs for the session so far at $0.9483. The pair was last at $0.9480 but is seen needing a strong break above last night’s $0.9521 high and rumored buy-stops at $0.9530 before any further strong recovery can materialize.
