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17 Apr 2013
Forex: AUD/USD down at 1.0350
FXstreet.com (Barcelona) - The AUD/USD eased from just below the 1.0400 handle during the earliest hours of the day, going as low as 1.0340. Since then, the cross has been holding around 1.0350 and with the upside limited at 1.0370/75. The market hasn't fully retraced yesterday's gains yet, as it needs to reach 1.0336.
In Australia, imports fell 1-.2%/mth, driven by a fall in (lumpy) capital goods imports, with Q1 trade data pointing to a shrinking current account from –4% to -2¾% of GDP and net exports add ¾%pts to GDP, according to TD Securities analysts. Westpac Leading Index improved from 0.3% to 0.6% in February.
In the week ending at April 12, US mortgage applications rose 4.8%, following a 4.5% improvement in the prior month, according to MBA.
“Beyond a small rebound we look for a slide back to 1.0292 the recent low then 1.0204/16, the 11th March low and 78.6% retracement en route to the 1.0116 recent low”, wrote Commerzbank analyst Karen Jones, pointing to intraday resistance at 1.0397/1.0413 (200 day ma and previous channel support) and while capped here will remain directly offered.
In Australia, imports fell 1-.2%/mth, driven by a fall in (lumpy) capital goods imports, with Q1 trade data pointing to a shrinking current account from –4% to -2¾% of GDP and net exports add ¾%pts to GDP, according to TD Securities analysts. Westpac Leading Index improved from 0.3% to 0.6% in February.
In the week ending at April 12, US mortgage applications rose 4.8%, following a 4.5% improvement in the prior month, according to MBA.
“Beyond a small rebound we look for a slide back to 1.0292 the recent low then 1.0204/16, the 11th March low and 78.6% retracement en route to the 1.0116 recent low”, wrote Commerzbank analyst Karen Jones, pointing to intraday resistance at 1.0397/1.0413 (200 day ma and previous channel support) and while capped here will remain directly offered.