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Chinese data takes AUD lower

Article By: ,  Financial Analyst
March 22, 2012 8:00 AM

EUR/USD

Range: 1.3205-1.3256
Support: 1.3100
Resistance: 1.3300

The single currency continues to remain in subdued ranges with price action dominated by the options market and cross euro positions with the market seemingly putting the Greek crisis in the bottom drawer. This morning see’s the latest manufacturing PMI data from Europe. The single currency initially dipped on the release of the weak China flash PMI number at 48.1 from a previous reading of 49.6 but with the AUD in freefall the single currency stabilised as EUR/AUD profits were booked.

GBP/USD
Range: 1.5857 – 1.5894
Support: 1.5750
Resistance: 1.6050

Cable trades back towards 1.5900 again after yesterday’s sharp decline after MPC members Adam Posen and David Miles voted for an additional £25 billion to be added to QE at the last MPC meeting. Sterling’s strength was prominent against the ailing AUD with a move seen from 1.5150 to 1.5287. This morning UK retail sales are expected to decline by 0.5%.
USD/JPY
Range: 83.12-83.48
Support: 82.80
Resistance: 84.25

The Japanese trade balance surprised to the upside overnight with a surplus reading of 32.9 billion versus a consensus deficit forecast of 120 billion. USD/JPY initially dropped 30 points to the lows but with the market noting that the seasonally adjusted number remains in deficit at JPY 313.2 billion and demand for the pair seen from the Tokyo fix the market quickly regained the initial losses. The US initial jobless claims are expected to print +350k this afternoon.

 

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