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16 Apr 2014
Asia Recap: China Q1 GDP keeps AUD afloat
FXStreet (Bali) - The Aussie managed to contain further losses, unlike the Japanese Yen and the New Zealand Dollar, both showing key technical bearish breakouts.
AUD/USD opened Asia at 0.9356 and ends the session right at the same level after a brief trip down to 0.9330, then bouncing up to 0.9368 on a higher-than-expected China GDP Q1 (YoY) headline number, which came at 7.4% vs 7.3%, only to consolidate right below the .9365/70 resistance. While the GDP satisfied traders, industrial production and urban investment disappointed.
USD/JPY was boosted above 102.10 resistance, posting a new 6-day high of 102.25 fueled by a soaring Nikkei 225, up more than 2% after a 3rd day of gains following a bounce of key 13,850 support. BoJ Kuroda was all over the wires on a parliamentary testimony, basically repeating the old lines of Japan being on track to achieve 2% inflation, while upbeat on the economy. Meanwhile, Japan's FinMin Aso also sounded optimistic on the initial results obtained on the sales tax hike effects, noting that the pullback in sales is not as big as expected.
NZD/USD traded heavy from the get-go after New Zealand releases weaker-than-expected inflation numbers, mainly caused by the strong NZD, which acts as an anti-inflationary factor. Besides, the drop in NZ dairy prices for a fifth consecutive at a NZ Fonterra's auction on Tuesday, also caused the negative sentiment towards the Kiwi to exacerbate, posting a session low of 0.8580.
The rest of G10 currencies traded in small ranges ahead of key European data, including inflation figures out of the Eurozone and employment numbers in the United Kingdom.
Main headlines in Asia
Dairy prices fall for fifth straight day at NZ's Fonterra auction
NZ CPI below estimates, NZD breaks below 0.86
Fed's Kocherlakota: Concerned over low inflation, rates to rise gradually
BoJ Kuroda keeps optimistic view on the economy
Japan FinMin: Pullback from sales tax hike not as big as expected
China's growth slows to 7.4% in Q1 2014
AUD/USD opened Asia at 0.9356 and ends the session right at the same level after a brief trip down to 0.9330, then bouncing up to 0.9368 on a higher-than-expected China GDP Q1 (YoY) headline number, which came at 7.4% vs 7.3%, only to consolidate right below the .9365/70 resistance. While the GDP satisfied traders, industrial production and urban investment disappointed.
USD/JPY was boosted above 102.10 resistance, posting a new 6-day high of 102.25 fueled by a soaring Nikkei 225, up more than 2% after a 3rd day of gains following a bounce of key 13,850 support. BoJ Kuroda was all over the wires on a parliamentary testimony, basically repeating the old lines of Japan being on track to achieve 2% inflation, while upbeat on the economy. Meanwhile, Japan's FinMin Aso also sounded optimistic on the initial results obtained on the sales tax hike effects, noting that the pullback in sales is not as big as expected.
NZD/USD traded heavy from the get-go after New Zealand releases weaker-than-expected inflation numbers, mainly caused by the strong NZD, which acts as an anti-inflationary factor. Besides, the drop in NZ dairy prices for a fifth consecutive at a NZ Fonterra's auction on Tuesday, also caused the negative sentiment towards the Kiwi to exacerbate, posting a session low of 0.8580.
The rest of G10 currencies traded in small ranges ahead of key European data, including inflation figures out of the Eurozone and employment numbers in the United Kingdom.
Main headlines in Asia
Dairy prices fall for fifth straight day at NZ's Fonterra auction
NZ CPI below estimates, NZD breaks below 0.86
Fed's Kocherlakota: Concerned over low inflation, rates to rise gradually
BoJ Kuroda keeps optimistic view on the economy
Japan FinMin: Pullback from sales tax hike not as big as expected
China's growth slows to 7.4% in Q1 2014