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Fundamental Analysis
FXNET Daily Market Analysis - Australian Dollar Gains On Chinese Manufacturing Data
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[QUOTE="FxNet, post: 59839, member: 19407"] [b]Asian Session – Yen strengthens on risk aversion over China concerns[/b] Risk aversion led to a stronger yen while other major pairs drifted without clear direction as investors are taking on a cautious stance as concerns remain over a weakening Chinese economy after soft trade data earlier in the week. Also geopolitical tensions in Ukraine are weighing on market sentiment. The only economic data releases today were from Australia. The Westpac report showed that consumer confidence in the country fell in March, extending its decline from a post-election peak in November. The Australian dollar fell due to the domestic data as well as due to concerns over China, which is Australia’s major trading partner. Also Australia is a major producer of copper and iron ore, whose prices are tumbling recently. This is because copper is being used as collateral for loans in China, and with a slowing Chinese economy there are fears of defaults on these loans. USDJPY opened the Asian session at 103.02 and came under pressure early as Asian markets started off on a nervous note (Nikkei went 2.4% lower) and Shanghai copper opening limit down. USDJPY eased to 102.78. EURUSD opened the Asian session 1.3860 after another very quiet US session and traded a 1.3851/65 range. All of the market’s attention was on JPY and AUD pairs due to rising risk aversion sparked by China fears. Focus will turn to Euro zone industrial production data out later today although it is unlikely to have a large impact. GBPUSD traded a tight range between1.6612-33 during the Asian session. AUDUSD opened on Wednesday at 0.8977 and came under pressure early in the session due to soft Westpac consumer confidence numbers. Also weighing on AUD was falling copper and iron ore prices (Australia is a major exporter [/QUOTE]
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