Opened in Asia at $1.0660 after losing ground yesterday in Europe and NY from highs of $1.0750 to $1.0655, largely on some strong EUR/AUD buying despite firmer commodity prices. This morning saw a small rally from the open on AUD/JPY Tokyo demand to $1.0674, before macro sellers emerged in force, pushing the pair down through sovereign bids at $1.0640 and stops at $1.0625/30 to a low of $1.0610. Aussie exporters then surfaced and the stronger HSBC PMI helped to lift the pair back to $1.0662. Strong bids now lie from $1.0610 from a major French bank reportedly defending the $1.0600 barrier. Offers remain in the $1.0670/80 and $1.0700 areas ahead of stronger up at $1.0750. AUD/JPY opened at Y85.02 with a small rally to Y85,24 before the AUD/USD macros sales weighed on the cross to Y84.72. The stronger PMI data, and a firming dollar-yen taking out an Y80.00 barrier, led the cross back up to Y85.34. EUR/AUD consolidated yesterday’s gains and edged up to A$1.2452 before easing back to A$1.2410. AUD/NZD edged up to NZ$1.2795 from early lows of NZ$1.2767.
EasyForexNews Research Team