Opened at $1.0805 and struggled from the off as early EUR/AUD buying continued from the NY session pushed the AUD/USD lower. The pair fell to $1.0760 and then through stops at $1.0750 to lows of $1.0746 on an incorrect Chinese CPI release. A brief recovery to $1.0770 was then undone by the correct Chinese inflation figure of 4.5% which prompted another dip to lows of $1.0738. The pair then later recovered to $1.0800 as EUR/AUD stalled into offers above A$1.2320, and EUR/AUD recovered on renewed optimism that the Greek parties would agree on the outstanding pension issues ahead of today’s EU FinMin meeting. EUR/AUD slipped from highs of A$1.2324 to A$1.2277. Large bids are now in place down at $1.0725 with stops below through $1.0700. Offers start from $1.0840/50. AUD/JPY fell from Y83.18 to Y82.86, but later recovered through the earlier highs to Y83.47. AUD/NZD whipped about in a NZ$1.2887-2954 range before settling around NZ$1.2920.
EasyForexNews Research Team