- The USD made small gains during the Asian session
- Copper and gold also consolidated big overnight moves
- RBA selling above .8900 to ‘smooth’ the AUD/USD rise encouraged profit taking
- UK Nationwide consumer confidence index rises to highest level in 18 months
- Regional stockmarkets gain over 1%
- USD/JPY tied in between buy-orders at 88.50 and sell-orders at 89.20
It has been a fairly quiet session in Asia today but for the first session in some time, the USD has managed to at least not lose any more ground. EUR/USD opened at 1.4720, traded to a high of 1.4735 early on, but then fell to 1.4684 as profit taking emerged probably encouraged by the sight of RBA intervention in the AUD/USD. The Australian central bank are not trying to put a top on the AUD/USD, merely trying to smooth out the rise and they were seen selling around .8910.
USD/JPY tried to run lower in early trade but the bids at 88.50 are said to be quite firm and this encouraged some short covering back above 89.00. Sell orders are said to be building at 89.20 and above so further gains are likely to be hard fought.
Cable ran up early after the improved consumer confidence figures, trading to a high of 1.5935, before it also fell back on USD profit-taking buying across the board.
Ranges: EUR/USD 1.4684/1.4735; USD/JPY 88.66/89.05; AUD/USD .8868/.8910; cable 1.5885/1.5935.
Markets: Nikkei +1.3%, HK +1.8%, Sydney +1.7%. Gold slightly lower at $1039/oz; oil unchanged at $69/bbl.