The expectation was for a 3% fall. The AUD/USD remains fairly steady just above 90 cents US.
Possible changes to the way mining companies are taxed and the fall on Wall Street are to blame.
I’ve spoken with three prop traders already this morning and the general tendency is to be short AUD/USD and EUR/USD. The reasoning is that these are potentially the best plays if a lengthy period of risk aversion develops, similar to … Continue reading
EUR/JPY: 126.90 has been tested now 4 times going back to June of last year- a clean break below will probably lead to the type of ‘gapping’ which we are becoming used to again. 124.40 is the next support below … Continue reading
Asian central banks remain dip buyers in commodity currencies, traders say, and they are getting fresh weakness to buy as the afternoon unfolds. AUD/JPY selling is quite acute this afternoon as Chinese liquidity tightening and a newly proposed Aussie mining … Continue reading
Thanks to Lilac for the link.
EUR/USD and AUD/USD each went into a brief freefall after the Chinese economic data but are now trying to steady a bit lower from where the trip began. From about 1.4118 ahead of the data, EUR/USD traded down to 1.4068 … Continue reading
The Kospi is down 0.8% in early trade. FX markets remain very quiet although the AUD continues to creep higher.
There is little doubt that the market is sitting quite long AUD across the board and there is little doubt in my eyes that it is overvalued in the short term. Whether we see a major retracement or not remains … Continue reading
There has been very little let-up in the Aussie selling today as macro accounts head for the hills. Fears of a sustained tightening of Chinese liquidity is undermining the Oz to a significant degree and has cut risk appetite across … Continue reading