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5 Mar 2014
AUD/JPY extending the upside to 91.69
FXStreet (Guatemala) - AUD/JPY popped up on the back of markets flooding into the Australian dollar post an encouraging Q4 GDP report.
AUD/JPY has been climbing on risk-back-on markets overnight and it has just posted a high of 91.93. There were two sets of data for the Aussie today which traders will be interested upon. The first was from China. China set the 2014 growth target at 7.5% which was the same as last year and also the CPI target has been set at 3.5% which is also the same as last year. Then we had the Q4 2913 GDP from Australia, although out dated it is still of keen interest that GDP (YoY) Q4 read as XYZ vs 2.5% expected and (QoQ) Q4 came in at XYZ vs 0.7%.
AUD/JPY bullish
Sean Callow at Westpac Banking Corporation ABN explained that the AUD/JPY risks seem tilted to the upside over the next few weeks on a more constructive AUD backdrop and broadly supportive global risk appetite. “But gains beyond 94-95 over the next month could be difficult given the weight of speculative positioning on USD/JPY and doubts over whether the Bank of Japan will deliver substantive policy change in April”.
AUD/JPY has been climbing on risk-back-on markets overnight and it has just posted a high of 91.93. There were two sets of data for the Aussie today which traders will be interested upon. The first was from China. China set the 2014 growth target at 7.5% which was the same as last year and also the CPI target has been set at 3.5% which is also the same as last year. Then we had the Q4 2913 GDP from Australia, although out dated it is still of keen interest that GDP (YoY) Q4 read as XYZ vs 2.5% expected and (QoQ) Q4 came in at XYZ vs 0.7%.
AUD/JPY bullish
Sean Callow at Westpac Banking Corporation ABN explained that the AUD/JPY risks seem tilted to the upside over the next few weeks on a more constructive AUD backdrop and broadly supportive global risk appetite. “But gains beyond 94-95 over the next month could be difficult given the weight of speculative positioning on USD/JPY and doubts over whether the Bank of Japan will deliver substantive policy change in April”.