Asian Session
Risk appetite was back in the currency markets following some key events – from Yellen’s testimony on Tuesday to China trade data on Wednesday.
The dollar regained losses following the release of Yellen’s prepared testimony yesterday. It indicated that the new Fed Chair was no different in her monetary policies as her predecessor Ben Bernanke, and she clearly expressed that tapering will continue, unless of course the US economy deviates significantly.
The markets reacted positively to the fact that the Fed will continue with scaling back its bond purchased program.
Meanwhile, trade data from China today showed the highest trade surplus since 2009, which alleviates concerns that there was a larger slowdown in growth in the world’s second largest economy.
The Australian dollar benefitted from the good data since China is a major trading partner of Australia.
The AUD/USD bounced from an Asian session low of 0.9006 to a one-month high of 0.9060 after being boosted by the Chinese data.
The USD/JPY was steady in Asia after surging up to a high of 102.70 late in the US session following Yellen’s testimony. Some profit-taking took the pair down towards 102.50. Thursday’s US retail sales data will be a key risk for the dollar.
The EUR/USD opened in Asia at 1.3635 after trading soft post-Yellen and traded a very tight 15-pip range in Asia, down to lows of 1.3625.
The GBP/USD fell from yesterday’s high of 1.6486 to trade a tight range around 1.6450. Key risk for the pound will be the release of the Bank of England quarterly inflation report later today.
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Aussie Rises On Strong China Trade Surplus
Published 02/12/2014, 01:28 AM
Updated 04/25/2018, 04:40 AM
Aussie Rises On Strong China Trade Surplus
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