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The AUD fetched up 1.5 % against the JPY and traded at 79.89

Varengold Bank Research Team from Varengold Wertpapierhandelsbank AG at 02/11/10


Good morning from Hamburg and welcome to our Daily FX Report. The AUD gained versus all of its 16 major counterparts because of some excellent economic data. Furthermore we analyzed the JPY. Anyways, we wish you much success in trading today.

Market review

The USD and the JPY weakened after an Australian report showed that employers added more jobs as economists expected. This increased the demand for safer investments. For example the AUD which could gain versus all of its 16 most traded counterparts. The AUD gained after the statistic bureau said that the jobless rate unexpectedly fell. The AUD fetched up 1.5 % against the JPY and traded at 79.89. The USD dropped 1.4 % versus the AUD and weakened to 0.8878. The EUR could continue its upward trend against the JPY and climbed to 123.96. Also the USD lost for a second day versus the EUR and touched 1.3784.

The number of people employed in Australia increased by 52,700 in January 2010 from December. This was the fifth monthly gain in a row the statistic bureau said. The Jobless rate fell to 5.3 % from 5.5 %. Now, some financial experts expect that there is a 100% chance that the central Bank from Australia will raise its overnight cash rate by a quarter-point before the end of the second quarter.


Since the middle of January, the CAD has been trading in a bearish trend against the JPY. Currently, the currency pair touched its upper Bollinger Band. Last time as the CAD reached the upper Bolls, the prices rebounded. Also the resistance around 85.60 is near to the current market price. Furthermore the RSI may indicate a decreasing trend and so a continuing of the bearish movements for the CAD.


With the ending of January, the NZD traded in a bearish Andrew`s Pitchfork channel versus the JPY. Recently, the market left the lower channel and reached the upper line from the upper channel. One week ago, we had the same scenario and the prices rebounded into the lower channel. Also the Momentum could indicate a pull back with a breakthrough of the signal line from the top.

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