The Australian dollar against the US dollar was on a slippery slope mainly because of the stronger greenback. The Reserve Bank of Australia held rates unchanged at 2.50% as it was widely projected and reiterated its preference for a period of stability in interest rates. The AUDUSD dropped to support at 0.9283 in the recent hours of trading, in the longer term the currency couple is in a range trading between 0.9471/0.9207 and for that reason we may see the prices moving toward lower boundary.
The US dollar against the Japanese Yen rose to fresh 9-month high at 104.89, approaching a 66-year peak at 105.39. The Yen was broadly weaker, with the EURJPY advancing to 137.66 from earlier support at 136.83 and the AUDJPY peaked at 15-month high at 97.71. Elsewhere, the Euro dropped versus the greenback to fresh 1-year low at 1.3114 ahead of the ECB monetary decision on Thursday and the British pound gave back much of its previously hard earned ground against the US dollar. The GBPUSD declined from yesterday peak at 1.6643 to recent support at 1.6577, which is not likely to hold in the intraday. On the data front today we anticipate the UK Construction PMI and US ISM Manufacturing PMI from US. More important are the economics news that start to flow from tomorrow like the Canadian Rate Statement, Chinese Non-Manufacturing PMI expected early on Wednesday, ECB, BOE and eventually on Friday the Non-Farm Payrolls.
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