AUD hurt by weak China data, JPY gains

USD/JPY opened Asia at 119.05 after finding support above Monday’s 108.70 low but the pair then fell sharply risk aversion kicked in again today. The USD/CNY fix was higher than expected and China data disappointed. Weighing on risk sentient was a weaker than expected Caixin services PMI.

AUD/JPY was the main reaction to the rise in risk aversion since China is a major trading partner for Australia. USD/JPY fell to 108.35. AUD/JPY fell over 1% to 84.25 and EUR/JPY to fresh trend low below 127.50.

EUR/USD opened Asia at 1.0749 after falling on EUR/JPY sales and yesterday’s weak Euro zone CPI. The pair was sidelined in Asia as all of the action was in JPY crosses. EUR/USD drifted in a 1.0739/74 range and was 1.0760 into the afternoon.

EUR/JPY fell to a fresh trend low at 127.46. Focus turns to Euro zone services PMI is out later today along with PPI.

AUD/USD opened Asia at 0.7163 after a 2.3% fall in iron ore led to selling of the aussie. AUD/USD traded to 0.7171 early in Asia before China events led to a spike in risk aversion. The weaker than expected
Caixin PMI pressured AUD/USD down to 0.7097.

GBP/USD was flat and hovered near 9-month lows in Asia, after touching 1.4637 on Tuesday.

The post AUD hurt by weak China data, JPY gains appeared first on FXTM Blog.

Source:: AUD hurt by weak China data, JPY gains

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