Currency Analyst since 2010


USD/JPY pared earlier losses and rose back to 109.00 on Friday after Japan’s welfare minister said reforms for the country’s giant pension fund would continue as planned, bolstering speculation it’s moving closer to boosting overseas asset purchases (JPY-negative). Japanese inflation figures came out lower (JPY-negative).

NZD/USD continued declining and hit a new one-year low in the $0.7890 area as the market is still under the impact of the RBNZ comments that kiwi dollar is at unsustainable and at unjustified levels. The pair breached key support levels and the downtrend channel and may be subject to more declines.

AUD/USD slid to $0.8750. Aussie’s under pressure as the RBA is expected to fight the housing price bubble without raising interest rates. Resistance is at $0.8830, support is at $0.8660.

EUR/USD is little changed at $1.2745. The market is waiting for the release of German Gfk consumer confidence and import prices at 06:00 GMT. Revised US GDP data is expected at 12:30 GMT.

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