FX News - June 10 2014: AUD, JPY Rally in Asia

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The AUD/USD pair is trading on a positive note in today’s Asian session on the back of positive data that came out of Australia and China. In Australia, the National Australia Bank’s (NAB) Business Confidence and Conditions in May came out at 7 and -1, respectively, while Investment Lending for Homes in April was up by 2.3 per cent, and Home Loans during the same period remained flat. The ANZ Job Advertisements data in May was down by 5.6 per cent, however.

Meanwhile in China, the country’s CPI in May went better than expected with a growth by 2.5 per cent over the past 12 months (2.4 per cent was expected), and by 0.1 per cent compared to the previous month (a contraction by 0.1 per cent was expected). In addition, the PPI for the same period was down only by 1.4 per cent, slightly better than the expected 1.5 per cent.

All these helped give the AUD/USD pair a boost in today’s Asian trading, where it opened at 0.9342, and peaked at 0.9363. It is currently trading at 0.9356, with initial resistance seen at 0.9376, followed by 0.9400. Meanwhile, initial support is at 0.9345, followed by 0.9321.

Then there’s the USD/JPY pair, which moved lower during the Asian session due to the Nikkei 225’s poor performance today (closed at 0.05 per cent). It opened at 102.49 before going lower as the session progressed. It is currently showing no signs of finding a level yet, and is trading at 102.33. Initial resistance for the pair is at 102.74, followed by 103.00. Meanwhile, initial support is at 102.45, followed by 102.19.

By FX Strategy Team, Published on 10th of June 2014
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