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Aussie stable above 0.72 handle

Tuesday, Oct 27 2015
There were no major data releases from Australia this morning, however, pair was pushed lower at one moment. Catalysts are unclear for now - whether it was stronger than expected industrial profits in China, tensions growing in the South China Sea, or more chatter of no imminent increased easing from BoJ - but broadly speaking, JPY strength (lower USDJPY) is weighing on risk assets across the world as US, Japanese, and Chinese stocks tumbles (US Treasuries bid) and crude and copper prices slump. 
 
Adding to the risk-off mood, the US Navy sent a destroyer within 12 nautical miles of artificial islands built by China in the South China Sea, in a challenge to Beijing’s territorial claims there. “It looks like a traditional risk-off move, with Asian stock markets down,’’ said Sue Trinh, senior currency strategist at RBC Capital Markets in Hong Kong, who added that safe-haven currencies like the yen were outperforming the risk-proxy currencies like the Australian dollar. “The Aussie in particular is underperforming, so the US dollar is stronger against the Aussie.’’
 
However, Aussie quickly recovered and is currently being trade around 0.7240 handle. Pair is likely to find support around 0.72 level and resistance above 0.73 area. Later today, in the US session, Durable Goods Orders and Consumer Confidence data are scheduled for a release.
Last modified on Tuesday, 27 October 2015
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