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Jan 10 - 07:55 PM

AUD/USD - Opens Higher As AUD/JPY Demand Offsets Weak Iron Ore

By John Noonan  —  Jan 10 - 06:05 PM
  • AUD/USD opens 0.18% higher after a mixed performance by the USD

  • The story in the FX market was a large selloff in the JPY nL1N3E025J

  • AUD/JPY rose around 1.0% to help underpin the AUD/USD

  • The cross demand helped to offset a steep fall in the iron ore price nL1N3E00F3]

  • AUD/USD support is at 38.2 of the Oct-Dec rise at 0.6641 with bids at 0.6675

  • Resistance is at 10-day MA @ 0.6734 and break would shift pressure to upside

  • Key in Asia will be reaction by Tokyo to the 1% rise in AUD/JPY

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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