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US Dollar Rally Unfazed by a Japan GDP Beat

US Dollar Rally Unfazed by a Japan GDP Beat

Benjamin Spier, Technical Strategist

The US Dollar has continued to rally in the Asian and European sessions, and the main victims of the USD rally have been the New Zealand and Australian Dollar. However, there was no obvious new catalyst to provide reasons for NZD/USD and AUD/USD declines.

Overnight, we found out that the Japanese gross domestic product rose 0.9% in the first quarter of 2013, beating expectations for the GDP to only rise 0.7% and up from the revised 0.3% economic expansion seen in Q4. However, the Yen continues to hover near 102.50 against the US Dollar, which was crossed yesterday for the first time in four and a half years.

In New Zealand, the business PMI for April rose to 54.5, but still could not stop Kiwi from declining against USD for the eighth consecutive day. Later today, the final estimate of the Euro-zone annual inflation for April will be released, 1.2%Y/Y CPI was announced in a previous estimate.

Fed member Plosser spoke about policy in Milan today. He said that QE should end in 2013 as the jobless rate falls. He said a weaker economy and labor market could alter his QE stance. However, Plosser is currently not a voting member of the FOMC, and therefore his comments did not have major impact on Forex markets.

AUD/USD continues to trade slightly above 0.9800 at the time of this writing. Support may be provided at 97.89, by the 161.8% Fibonacci expansion from January’s high to March’s low to April’s high. Resistance may be provided at parity.

AUDUSD Daily: May 16, 2013

US_Dollar_Rally_Unfazed_by_a_Japan_GDP_Beat_body_audusd.png, US Dollar Rally Unfazed by a Japan GDP Beat

Chart created by Benjamin Spier using Marketscope 2.0

--- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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