5 Nov 2013
Asia Recap: AUD dragged lower on RBA statement
FXstreet.com (Barcelona) - The Asian session was centered around the RBA monetary policy meeting, with the outcome surprising no one as the Central Bank left rates unchanged at 2.5% as expected.
Despite the neutral bias by the RBA, with the final statement reading: "The Board judged that the setting of monetary policy remained appropriate. The Board will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation outcomes consistent with the target", the mention of an uncomfortably high AUD hurt the currency.
The AUD/USD failed to sustain its recovery above 0.95 and was dragged lower towards 0.9470, with next clear area of support at 0.940/50 ahead of a potential 0.9410/15 retest.
The Yen was had a stellar performance, advancing the most vs direct peers mainly on a Nikkei reversal off 0.6% to negative coupled with exporters selling after a long weekend, assuring the big daily triangle on the daily is kept technically valid.
Other news making the headlines in Asia were comments from the Boston Federal Reserve head Rosengren in late US session with little impact. Meanwhile, Australia's AIG services PMI for October kept improving, at 47.9 47.1 last. Also positive for Australia was the October HSBC/Markit services PMI from China, at 52.6 52.4 last.
Despite the neutral bias by the RBA, with the final statement reading: "The Board judged that the setting of monetary policy remained appropriate. The Board will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation outcomes consistent with the target", the mention of an uncomfortably high AUD hurt the currency.
The AUD/USD failed to sustain its recovery above 0.95 and was dragged lower towards 0.9470, with next clear area of support at 0.940/50 ahead of a potential 0.9410/15 retest.
The Yen was had a stellar performance, advancing the most vs direct peers mainly on a Nikkei reversal off 0.6% to negative coupled with exporters selling after a long weekend, assuring the big daily triangle on the daily is kept technically valid.
Other news making the headlines in Asia were comments from the Boston Federal Reserve head Rosengren in late US session with little impact. Meanwhile, Australia's AIG services PMI for October kept improving, at 47.9 47.1 last. Also positive for Australia was the October HSBC/Markit services PMI from China, at 52.6 52.4 last.