Aussie Powers Through & Dollar Hits New 6-Month High Against Yen - Analysis By FXNET

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Old Nov 28, 2013, 10:05am   #1
Joined Dec 2012
Aussie Powers Through & Dollar Hits New 6-Month High Against Yen - Analysis By FXNET

The best performing currency during Thursday’s Asian session was the Australian dollar which jumped against its US counterpart after strong Australian business spending data. Private Capital Expenditure increased by 3.6% quarter-on-quarter despite expectations for a decline by 1.1%.

AUDUSD rallied to a high of $0.9139 after the data from $0.9076 beforehand, and ended the session with a 0.5% gain at 0.9120.

The yen remained weak in the Asian session while the dollar consolidated gains.

Yen is under pressure due to the Bank of Japan’s monetary easing policies. On Wednesday, Bank of Japan board member Sayuri Shirai said the BOJ should consider expanding monetary stimulus even further.

The dollar on the other hand is stronger due to tapering expectations, especially after a strong of positive US data. On Wednesday the Chicago PMI data beat forecasts while the University of Michigan consumer sentiment index also showed an improvement in November.

The dollar hit a fresh six-month high against the yen today, touching 102.26 yen. The pair ended the session with a 0.06% gain at 102.21.

The euro had a quiet session ending in Asia at 1.3576, almost flat from the US session. Against the yen, the euro hovered near a four-year high, ending at 138.76, up 0.05%.

Upcoming European session data to watch for are German employment data and Eurozone reports on economic sentiment. The US is closed due to the Thanksgiving holiday.
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