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28 Nov 2014
Broad-based USD strength in Asia
FXStreet (Bali) - Broad-based US Dollar strength in Asia, following the collapse in crude oil, down by over 6% on Thursday, after a failure to agree on oil production cuts by members of the OPEC.
USD/JPY has taken the spotlight once again, roaring higher from 117.70 up towards 118.15/20 highs, as short term contrarian traders throw in the towel, with thin Friday/Thanksgiving conditions and low selling activity by the exports community not helping to counter-attack the bullish attack, en-route to key 118.50.
AUD/USD is also testing key support at 0.8510/15 ahead of 0.85, with Thursday's capex-induced bullish momentum proving short-lived, reinforcing the bearish market profile. Meanwhile, NZD/USD is also being weighed down, currently at 0.7850, on US strength, and despite the NZD receiving positive inputs from both NZ business confidence and NZ building consents, both soaring in Oct.
EUR/USD and GBP/USD, not usually movers in Asia, are also under pressure, with the exchange rates at 1.2450 and 1.57 respectively.
USD/JPY has taken the spotlight once again, roaring higher from 117.70 up towards 118.15/20 highs, as short term contrarian traders throw in the towel, with thin Friday/Thanksgiving conditions and low selling activity by the exports community not helping to counter-attack the bullish attack, en-route to key 118.50.
AUD/USD is also testing key support at 0.8510/15 ahead of 0.85, with Thursday's capex-induced bullish momentum proving short-lived, reinforcing the bearish market profile. Meanwhile, NZD/USD is also being weighed down, currently at 0.7850, on US strength, and despite the NZD receiving positive inputs from both NZ business confidence and NZ building consents, both soaring in Oct.
EUR/USD and GBP/USD, not usually movers in Asia, are also under pressure, with the exchange rates at 1.2450 and 1.57 respectively.