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Found 2 results

  1. The Australian dollar was the main mover in Monday’s Asian session as a result of data from China, which is Australia’s main trading partner. Manufacturing PMI data from the world’s second largest economy showed that expansion in the manufacturing sector was steady at an 18-month high and eased concerns of a slowdown there which could affect the rest of the global economy. The official Manufacturing PMI data which was released on Sunday was as expected and the private report from HSBC today was above forecast, with both being in expansionary territory. Since China is a major trading partner for Australia, the news was positive for the Australian dollar. Also data that showed Australia’s building approvals were not as bad as expected helped lift the Aussie, up 0.5% in the Asian session against the USD to $0.9150. The main news to look forward to later today will be Euro zone PMI data. The euro gained 0.11% against the dollar in Asia to 1.3601, moving closer to a one-month high of 1.3620 hit on Friday. The euro rose 0.06% against the yen to 139.31. The dollar was steady at 102.41 yen, down 0.10% in the Asian session after hitting a 6-month high of 102.60 yen on Friday. The main driver for the USD will be Friday’s US nonfarm payrolls data. US jobs data are closely watched by the Federal Reserve, as the data will play a part in determining when it can begin tapering.
  2. Market sentiment remains positive as it is still being characterized by the loose monetary policies of the world’s major central banks – Federal Reserve, European Central Bank and Bank of Japan. Last week, the Fed President nominee Janet Yellen signaled she will continue the Fed’s stimulus program, which helped keep risk appetite supported. Most major currency pairs traded in familiar ranges, with the riskier currencies holding on to gains from the risk rally produced at the end of last week. Sterling carved a new two-week high in Asia today, with GBPUSD hitting a session high of $1.6141, while the euro breached a key level of $1.3500, peaking at $1.3506 before steadying at $1.3490. The dollar/yen pair is the main currency in focus after it broke above the key psychological level of 100 yen last week. USDJPY eased back down today but found support at this level, after opening in Asian at 100.25 yen. The yen is expected to weaken further based on the Bank of Japan’s monetary easing policies. There are a couple of key releases from Japan this week, including trade balance and the BoJ meeting, both of which will be key drivers for the Japanese currency. Aussie was the biggest mover in Asia this morning, with AUDUSD rising to a high of $0.9412, gaining 0.4% percent.