Asia Recap: Aussie in good shape, likes Aus Capex

By FXstreet.com | Updated August 28, 2014 AAA

FXStreet (Bali) - The USD kept giving back some of its sizeable gains seen in recent weeks, ending the session as the weakest currency, while the Aussie topped the climbers.

AUD/USD printed its highest at 0.9372 after an upbeat Aus Capex report, which led to trip stops through 0.9350-60, now allowing further upside as technicals stand. EUR/USD made a marginal new high at 1.3216, GBP/USD blipped up towards 1.66 but kept struggling to chew through the slack of offers, while USD/JPY was under pressure in early Tokyo, setting a session low of 103.68 before the rate stabilized near lows around 103.70-75.

On the fundamental domain, Australia saw a significant decline in HIA New Home Sales for July, at -5.7% vs +1.2%, while the Australia Private Capital Expenditure report for Q contented AUD bulls by printing +1.1% QoQ vs -0.9% exp, with the 2014/15 3rd spending estimate coming at $145.2b, up from $137.1b last, with equipment, plant & machinery coming at -0.9%. In China,
China Industrial profits YTD for July was +13.5% vs +17.9% last. While in New Zealand, the Reserve Bank of New Zealand published its monthly foreign reserve report, noting it had sold just NZ$2m in July, confirming that there has been no intervention in the Kiwi during its July slide.

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