Asia Recap: AUD, NZD start the week on a solid footing

By FXstreet.com | June 08, 2014 AAA

FXStreet (Bali) - The Australian and New Zealand Dollars were the strongest currencies in a quiet Asian session.



AUD/USD came to test recent highs at 0.9350/55, NZD/USD saw a correction to the upside, printing 0.8515 as the highest for the session, while USD/JPY found a solid base at 102.50. The rest of G10 currencies were unmoved ahead of Europe.



On the fundamental front, Japan released an upward revision to its Q1 GDP, coming at 1.6% vs 1.4% expected, reinforcing the belief in the market that for now the economy is on a recovery track, thus decreasing the chances of being assisted by further easing measures by the BoJ in the short run.



Earlier on Saturday, the Chinese trade balance came better-than-expected at $35.92B vs $22.60B exp. While exports met estimates, a sharp fall in imports was the main contributor to see such a deviation from what the market had expected.



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