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FOREX: Australian Dollar Outperforms as Japan Secures Two Nuclear Reactors

FOREX: Australian Dollar Outperforms as Japan Secures Two Nuclear Reactors

2011-03-21 07:55:00
Ilya Spivak, Sr. Currency Strategist
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Overnight Headlines

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.4075

1.4227

GBPUSD

1.6094

1.6289

The Euro and the British Pound were little changed in overnight trade, with the former currency oscillating in a narrow range below 1.42 to the US Dollar while the latter tracked sideways above 1.62 to the greenback. We remain short NZDUSD.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

0:01

GBP

Rightmove House Prices (YoY) (MAR)

0.9%

-

0.3%

0:01

GBP

Rightmove House Prices (MoM) (MAR)

0.8%

-

3.1%

2:00

NZD

Credit Card Spending (MoM) (FEB)

3.4%

-

3.4% (R-)

2:00

NZD

Credit Card Spending (YoY) (FEB)

5.3%

-

5.5% (R-)

The Australian Dollar outperformed in otherwise quiet overnight trade as stocks pressed higher, boosting the sentiment-sensitive high yielder. Asian shares excluding Japan (where markets were closed for the Vernal Equinox holiday) rose 0.9 percent on average following reports that two of the six damaged nuclear reactors at the battered Fukushima Daiichi plant in northeastern Japan were brought under control and progress was being made on a third. The Aussie added as much as 0.7 percent against the majors.

Euro Session: What to Expect

GMT

CCY

EVENT

EXP

PREV

IMPACT

8:00

CHF

Money Supply M3 (YoY)

-

6.7%

Low

The absence of significant economic data will keep currency markets following sentiment trends once more. Stock index futures tracking key US and European exchanges are pointing strongly higher in late Asian trade, hinting the optimistic tone seen overnight is set to carry forward and promising continued gains for the risk-linked Australian and New Zealand Dollars.

Nuclear meltdown fears aside, sentiment still continues to face formidable headlines that could reassert themselves at a moment’s notice. The most pressing of these in the near term is surely the situation in Libya, where the allied forces of the US, UK and France have stepped in militarily to underpin the rebellion against embattled leader Muammar Qaddafi. The action sets an important precedent for future Western involvement in similar scenarios, particularly as protesters face a harsh response in Bahrain (which is seen by many as a trial-run before something similar is attempted in Saudi Arabia, the world’s top oil exporter). Crude prices rose as much as 1.8 percent overnight, with the WTI contract hitting a seven-session high.

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To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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