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5 Mar 2014
Asia Recap: AUD fails to maintain gains post Aus GDP
FXStreet (Bali) - The Australian Dollar was again the currency offering the largest moves in an otherwise quiet Asian session.
Despite the better-than-expected Australia Q4 2013 GDP, the surprisingly strong Performance of Services Index and China keeping the 7.5% growth target, the AUD/USD could not sustain most of its gains, and after touching a session high of 0.8995, a heavy sell-off took the rate back to test 0.8934/37 support, from where a slow grind higher saw the price consolidating just above the 0.8950. The latest flash crash was attributed to a large macro fund taking a long intraday market by surprise.
The Japanese Yen produced no moves to report, with the Nikkei 225 being stuck at the 15,000 round number not helping to unravel the tight range in the pair. The New Zealand Dollar continues to press the high end of its 0.81-0.84 range with the market expecting the RBNZ to deliver its first rate hike at the next meeting. The rest of G10 currencies traded in small ranges ahead of Europe.
Main headlines in Asia
Australian Performance of Services Index highest since March 2008
Fed's Lacker: Sees first interest rate hike in early 2015
China's National People's Congress sets 2014 growth target of 7.5%
Australia Q4 GDP beats estimates
AUD/USD: Flash crash to 0.8934, GDP-led gains erased
HSBC China services PMI at 3-month high
PBOC set the yuan fix at lowest since Dec 5 2013
Coles will create 16,000 new jobs in Australia
Despite the better-than-expected Australia Q4 2013 GDP, the surprisingly strong Performance of Services Index and China keeping the 7.5% growth target, the AUD/USD could not sustain most of its gains, and after touching a session high of 0.8995, a heavy sell-off took the rate back to test 0.8934/37 support, from where a slow grind higher saw the price consolidating just above the 0.8950. The latest flash crash was attributed to a large macro fund taking a long intraday market by surprise.
The Japanese Yen produced no moves to report, with the Nikkei 225 being stuck at the 15,000 round number not helping to unravel the tight range in the pair. The New Zealand Dollar continues to press the high end of its 0.81-0.84 range with the market expecting the RBNZ to deliver its first rate hike at the next meeting. The rest of G10 currencies traded in small ranges ahead of Europe.
Main headlines in Asia
Australian Performance of Services Index highest since March 2008
Fed's Lacker: Sees first interest rate hike in early 2015
China's National People's Congress sets 2014 growth target of 7.5%
Australia Q4 GDP beats estimates
AUD/USD: Flash crash to 0.8934, GDP-led gains erased
HSBC China services PMI at 3-month high
PBOC set the yuan fix at lowest since Dec 5 2013
Coles will create 16,000 new jobs in Australia