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Aussie stable at the steadier beginning of the week

Tuesday, Sep 27 2016

Most of the reaction by the Australian and New Zealand Dollar was triggered by the weak U.S. Dollar. It fell in response to comments from Bank of Japan Governor Haruhiko Kuroda who said on Monday the central bank stood ready to use every possible policy tool to achieve its 2 percent inflation target. He also said no big increase or decrease to its bond buying was expected for now.

Kuroda’s comments essentially meant the BOJ was losing its battle to stimulate the economy and weaken the Yen. This sent the Yen higher and the Dollar lower. The lower dollar helped boost demand for the higher yielding Australian and New Zealand Dollars. The price of the AUD/USD and NZD/USD probably would have risen a lot higher if not for the weakness in the U.S. equity markets. Their weakness helped reduce demand for higher yielding assets.

 

Aussie is currently being traded around 0.7630 handle. Pair is likely to find support around 0.76 area and resistance above 0.7650 level.

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