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27 May 2014
Asia Recap: AUD sees relief rally, JPY crosses in demand
FXStreet (Bali) - The Australian Dollar traded on a positive note during Asia, while the Japanese Yen remained well offered on month-end demand.
AUD/USD saw some short covering allowing the rate to finally break above the 0.9250 after multiple unsuccessful attempts to do so since last week. However, sellers camped above 0.9260 disallowed further progress, resulting on a tight consolidation above the old-resistance-turned-support at 0.9250. Iron Ore futures, up around 0.6%, which add to 1% gains on Monday, helped the bid tone in the Aussie, which still faces a steep mounting of sell orders ahead.
USD/JPY struggled to breach the 102.00, with month-end demand from Japanese retail funds coupled with +0.8% gains in the Nikkei 225 ahead of the close, not stimulating price enough to make further progress. Stops were reportedly mixed circa 102.10/15+ and 102.50+.
The soggy USD also saw weakness against the EUR and GBP, which saw the two most traded pairs in the FX arena rising to highs at 1.3667 and 1.6868 respectively. Meanwhile, NNZD/USD also ticked higher to see a session high of 0.8577 before a retreat to 0.8560.
Main headlines in Asia
BoJ starting to consider exit strategy to QQE?
Japan Corporate Service Price (YoY) registered at 3.4% above expectations (3.3%) in April
Market under-estimates RBNZ hiking cycle - BNZ
Draghi outspoken, QE coming?
China: Policy easing is starting to add up - Nomura
AUD/USD saw some short covering allowing the rate to finally break above the 0.9250 after multiple unsuccessful attempts to do so since last week. However, sellers camped above 0.9260 disallowed further progress, resulting on a tight consolidation above the old-resistance-turned-support at 0.9250. Iron Ore futures, up around 0.6%, which add to 1% gains on Monday, helped the bid tone in the Aussie, which still faces a steep mounting of sell orders ahead.
USD/JPY struggled to breach the 102.00, with month-end demand from Japanese retail funds coupled with +0.8% gains in the Nikkei 225 ahead of the close, not stimulating price enough to make further progress. Stops were reportedly mixed circa 102.10/15+ and 102.50+.
The soggy USD also saw weakness against the EUR and GBP, which saw the two most traded pairs in the FX arena rising to highs at 1.3667 and 1.6868 respectively. Meanwhile, NNZD/USD also ticked higher to see a session high of 0.8577 before a retreat to 0.8560.
Main headlines in Asia
BoJ starting to consider exit strategy to QQE?
Japan Corporate Service Price (YoY) registered at 3.4% above expectations (3.3%) in April
Market under-estimates RBNZ hiking cycle - BNZ
Draghi outspoken, QE coming?
China: Policy easing is starting to add up - Nomura