Also, Japanese Trade Balance figures were released. While analysts were predicting 0.95 trillion yen of deficit it narrowed in January to 0.41 trillion yen. Japan's annual exports in January jumped the most since late 2013 in an encouraging sign a weak yen is finally boosting the nation’s all-important export engine and helping the economy crawl out of recession.
All this had little impact on Aussie, which broke higher yesterday after dovish FOMC Meeting Minutes in which it was said that Fed is no rush to raise interest rates which put USD under pressure against its major rivals. As for AUD/USD pair we would consider short-term buying around 0.7770 level and selling above 0.7840 level. Long-term looking, with fall in commodity prices and metals and recent rather poor Australian figures, we believe that pair will most likely head lower, to 0.76 handle.
