Forex news for Asia trading on
The higher dollar that continued
in US time on Tuesday did the same here in Asia Wednesday, with nearly
across the board gains. As
I was preparing the wrap a renewed bout of currency selling hit,
EUR/USD triggering substantial stops just ahead of and then under 1.1300, and cable under
1.3420 (and briefly venturing under 1.3400).
USD/JPY rallied early in the day to just
above 114.90 while USD/CHF is above 0.9320
as I update.
USD index hit its highest since July on 2020 during the session.
flow was non-impactful. On data, we had the much-awaited Q3 wages
data from Australia today which, at 2.2% growth y/y is well below the
3% the RBA sees as necessary to contribute to sustainably on-target
inflation. AUD/USD subsided a little on the data release and has
since extended that loss, albeit not in a large range and in a
continuation of its losses overnight, as already referred to. NZD/USD was not hit so hard, further rate hikes ahead from the RBNZ are providing some monetary policy divergence bid support for it against the AUD.
EUR/USD hit by stop-loss sellers circa 1.1300. The 1-minute candle chart shows you the pressure heaped on, and under, the figure: