Opened at $1.0712 after trading $1.0680-1.0747 in Europe and NY yesterday. Model fund sales in EUR/USD softer equities and a weaker Chinese non-manufacturing PMI led the pair lower in Asia from early highs of $1.0715 through some weak stops at $1.0680 to $1.0672. Local buying interest and some Asian demand then led a recovery back to $1.0700, but the pair then later settled back around $1.0685/90. AUD/JPY mirrored the move with a fall from Y81.67 to Y81.31. AUD/NZD saw an early rally from NZ$1.2853 fizzle at NZ$1.2885 before reversing sharply back to opening levels on the Chinese PMI release and settling around NZ$1.2850. EUR/AUD attempted a rally after yesterday’s lows of $1.2235 fell just short of the all time low of A$1.2228, hauling back up from A$1.2266 to A$1.2307 this morning. AUD support is seen towards $1.0640/50 with offers stacking up ahead of $1.0750 and $1.0800 which holds a large barrier.
EasyForexNews Research Team