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AUD surge on growth data

Publish Date06/03/2013 06:09:57 AM

Last Update06/03/2013 08:41:06 AM

FX movements were rather calm with the kick-start of the Asian session Wednesday ahead of heavy data due to the end of the week. The AUD was the focus in the session after better-than-expected growth data supported the bullish rebound.

European currencies are still trading within a tight range ahead of Thursday’s key policy decisions from the BoE and the ECB. On the other end, the dollar is trending higher with the start of the session with focus on Friday’s Jobs Report. The sentiment was rather bolstered after the DJIA yesterday peaked to a new historic closing, settling above 14286.37.

Euro recorded its highest against dollar at 1.3068 extending the gains into the third session; EUR/JPY traded in a narrow range around 121.70. GBP/USD pair traded near 1.5134, while GBP/JPY pair slightly fell to 140.87.

USD/JPY pair continues its downward trend, where the pair recorded low of 92.98 to trade recently near 93.18.

The major mover during the session was the Australian dollar; Aussie found support from better-than-expected GDP figures uplifted by the improved Chinese economic outlook.

The Australian economy expanded an annualized 3.1% in the fourth quarter last year.

AUD/USD set the intraday high at 1.0301 off earlier low 1.0258. Stability above 1.0225 is positive and will extend bullishness toward 1.0300-55 followed by 1.0415 areas. 


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