Markets reopen in Japan and S Korea but remain closed in Singapore, Hong Kong, mainland China, Malaysia and Taiwan, notes Sean Callow, FX strategist at Westpac.
Feb 12, 2013
Forex: AUD/USD knocks fresh 3-month lows at 1.0250
With AUD/USD currently down about -0.68% for the week so far since previous weekly close Friday, the pair is trading at 1.0251 bids near session and fresh 3-month lows, ahead of NAB business confidence in Australia, only risk event for the Asian session, in a day with China closed for holiday again. As FXWW Sean Lee notes: “AUD sentiment remains quite weak and its losing ground again against the EUR and the NZD but barrier protection at 1.0250 and AUD/JPY buying are providing support.”
Forex Flash: AUD/USD unable to be categorised as ‘risk-on’ or ‘risk’-off’ - NAB
After briefly breaking through 1.0250 in late NY session, the pair has rebounded after a clearly strong buying interest emerging at the new low. According to NAB strategist, the "renewed selling of AUD/EUR is part of the story here" which helps to explain the heaviness on the AUD/USD.