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11 Feb 2014
Asia Recap: A triumphant Aussie blows 0.90+ stops
FXStreet (Bali) - The Australian Dollar was the best performer in Asia, while the US Dollar continues to trade under pressure.
The Aussie managed to take out stops above the 0.90 handle with traders using better-than-expected Australian business confidence/conditions as the excuse to set the intraday run, first breaking 0.8950 only to accelerate to post the highest level in the pair since Jan 14 at 0.9010.
The Japanese Yen traded displayed little movements as Tokyo traders were off due to national festivity in Japan. According to Matt Bacon-Hall, Analyst at FXBeat, "the 102.85 ( old low) is still the key topside level in my humble opinion. Downside, the triple bottom circa 100.75 is a little more obvious and no doubt will be closely watched." Matt adds that "Yellen's speech will be the driving factor on USD/JPY today..."
Meanwhile, the EUR/USD traded higher in Asia, with unusually high volumes being reported to send the pair to a new 2-week high at 1.3670, where ACB (Asian Central Banks) were active sellers capping the upside. The Kiwi followed the tail from a soaring Aussie, while the rest of European currencies (GBP, CHF) traded quiet. Cad was weaker in Asia.
The Aussie managed to take out stops above the 0.90 handle with traders using better-than-expected Australian business confidence/conditions as the excuse to set the intraday run, first breaking 0.8950 only to accelerate to post the highest level in the pair since Jan 14 at 0.9010.
The Japanese Yen traded displayed little movements as Tokyo traders were off due to national festivity in Japan. According to Matt Bacon-Hall, Analyst at FXBeat, "the 102.85 ( old low) is still the key topside level in my humble opinion. Downside, the triple bottom circa 100.75 is a little more obvious and no doubt will be closely watched." Matt adds that "Yellen's speech will be the driving factor on USD/JPY today..."
Meanwhile, the EUR/USD traded higher in Asia, with unusually high volumes being reported to send the pair to a new 2-week high at 1.3670, where ACB (Asian Central Banks) were active sellers capping the upside. The Kiwi followed the tail from a soaring Aussie, while the rest of European currencies (GBP, CHF) traded quiet. Cad was weaker in Asia.