Currency Analyst since 2010

April 9: Asian session

Asian shares rose on Wednesday after Wall Street reversed a 3-day losing streak, but Japanese stocks dropped sharply after yen surged on fading hopes of near-term stimulus from the Bank of Japan. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.9%. Nikkei fell by 1.9%. USD/JPY edged up to 102.00 after it tested 100.54 yesterday.

Commodity currencies extend the upside on Wednesday. AUD/USD touched $0.9390 in Asia (the highest level since Nov. 2013). Westpac consumer sentiment moved higher for the first time in 5 months (+0.3% in April vs. -0.7% in March). Meanwhile, home loans data confirmed a continued housing rebound. Note that Australia will release a bunch of employment data tomorrow – forecasts are pretty negative. NZD/USD tested the levels above the $0.8700 mark (highest since August 2011). Gold rose to $1314, but holds slightly below the yesterday’s peak.

EUR/USD is trading in the $1.3790 area after it rose as high as to $1.3811 yesterday. GBP/USD is trading in the $1.6750 area after it gained more than 130 pips yesterday.

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