Currency Analyst since 2010

April 10: Asian session

US dollar hit a 5-month low versus a basket of currencies after the Fed’s last meeting minutes undercut prospects for an increase in interest rates. EUR/USD slid to $1.3845 after reaching $1.3870 earlier today. GBP/USD returned to the opening level at $1.3890 after reaching $1.6820 earlier today.

USD/JPY is consolidating in the 102.15/101.60 area. Today the greenback fell versus yen. Demand for yen as a safe haven increased after China reported an unexpected drop in imports and exports by 11.3% and 6.6% respectively from the previous year.

Commodity currencies faced sellers in Asia. AUD/USD first rose to $0.9440 on better-than-expected labor market data. Unemployment rate fell to 5.8% (forecast: 6.1%), while the economy added 18K jobs (forecast: 7.3K, prior: 48.2K). However, news from China increased market concerns, pulling the Aussie down into the $0.9415 area. NZD/USD followed the AUD, first hitting $0.8745 and then retracing to $0.8715. NZ manufacturing expanded last month to the highest level since July (58.4 vs. prior 56.5). Gold extended the upside to $1317.

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