FX News - Mar 10 2014: USD Maintains Strength During Asian Session

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The AUD/USD pair opened this week on a weak note due to the combination of the strong USD and the weaker-than-expected Chinese data. The greenback continued to rally until today with the help of the positive US jobs growth, which came out at 175K versus the 149K consensus. Meanwhile, China posted a mainly negative Consumer and Producer Price Indices for February, with the CPI coming out as expected at 2.0% over the past 12 months, while the monthly growth was only at 0.5%, wherein a 0.8% growth was expected. Meanwhile, the PPI fell by 2.0%, which was lower than the expected 1.9% contraction.

The pair continued to slide today, opening at 0.9056, but eventually slid under the 0.9050 area as the day progressed. It came even lower at the opening of the European session. It is currently trading at 0.9030, with initial resistance seen at 0.9103, followed by 0.9125. Meanwhile, initial support is at 0.9028, followed by 0.9005.

The USD/JPY had pretty much the same story during the Asian session, opening at 103.17, which then peaked at 103.29 before sliding to the 103.00 level. It stayed level within the 103.00-103.15 range. It then slid further again, hitting the 102.95 zone. It is making a sharp rise at the moment, and is currently trading at 103.24, with initial resistance at 104.02, followed by 104.28. Meanwhile, initial support is at 103.08, followed by 102.82.

As for the EUR/USD, it moved within a tight range during today’s Asian session between 1.3880 and 1.3890. It then peaked near the 1.3896, before settling at its current level at 1.3885. Initial resistance for the pair is at 1.3927, followed by 1.3962. Meanwhile, initial support is at 1.3862, followed by 1.3827.

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