Asia Recap: Aussie keeps recovering ground

By FXstreet.com | July 07, 2014 AAA

FXStreet (Bali) - The Australian Dollar along with the Japanese Yen were the top performers in a slow Asian session.

AUD/USD was buoyed by positive NAB business survey for June, with both sentiment and conditions components coming above market expectations. The rise in the Aussie, however, was well contained by the 0.94 round number.

NZD/USD traded initially lower on poor business confidence out of New Zealand for the month of June, coming at 32% vs 51% last. THe drop was short-lived though, as the Kiwi managed to track AUD's gains and recover the 0.8760 level.

USD/JPY was pushed lower in early Tokyo trading with Japanese stock tracking losses from the US stock market, up until the lunch break, when an abrupt turnaround sent the Nikkei 225 back to a flat line for the day after being down more than 0.5% in the early hours of trading. The recovery assisted Yen crosses, with USD/JPY testing 101.80 offers from a low of 101.65.

The rest of G10 currencies, including Euro, Pound, Canadian Dollar, Swiss Franc vs US Dollars respected familiar ranges as usual ahead of Europe.

Main headlines

Japan Trade Balance - BOP Basis up to ¥-675.9B in May from previous ¥-780.4B

Japan Current Account n.s.a. above forecasts (¥170B) in May: Actual (¥522.8B)

Australia: NAB business survey shows marked improvement

PBOC's Liu: China should make more use of bankruptcy law

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