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  1. #1
    fxtrader505 is offline Senior Member
    Join Date
    Sep 2012
    KL, Malaysia

    Post COZfx: Traders wait on BoJ inflation data

    COZforex: The Aussie dollar regained some strength against its US rival in Tuesday’s Asian session as traders set their sights on possible easing headlines out of the Bank of Japan meeting, which concludes later today, and tomorrow’s report on Australian inflation.

    Coz forex senior derivatives trader Daniel • Moloney said, AUD/USD is predicted to find support at 1.0515, and a fell through could take it to the next support line of 1.0481. Meanwhile, the pair is predicted to find its first resistance at 1.0572, and a rose through could take it to the next resistance line of 1.0595.

    Most economists expect the core reading of Australian inflation to come in at 0.7%, but if that reading is below the 0.5%-0.6% level, it could be the impetus the Reserve Bank of Australia needs to lower interest rates again. Australia's benchmark interest rate is currently 3% following a 25-basis point reduction after the last RBA meeting. RBA next meets on February and the odds are currently even that the central bank will trim rates to 2.75%.

    Elsewhere, AUD/JPY climbed 0.15% to 94.43. Traders appear convinced that the Bank of Japan will raise its inflation target to 2% from 1% to match Prime Minister Shizno Abe’s own target. At stake for the near-term fortunes of riskier currencies such as the Aussie dollar against the yen is whether or not BoJ announce additional monetary easing and/or asset-buying measures.

    In commodities, LME Copper prices dropped 0.4% or $31.8/MT to $8020.3/MT. Also, Aluminium prices dropped 1.0% or $21.0/MT to $2000.3/MT.

    Should that faith materialize into legitimate progress for the slumbering Japanese economy, it could be the Aussie dollar that benefits because, along with China, Japan is major Australian trading partner. (COZ forex UK)

    COZ forex AUD/USD Chart:


  2. #2
    felisterjack is offline Junior Member
    Join Date
    Jan 2013


    The bond played jittery amid thin volumes after the central RBI hiked policy rates ahead of it scheduled policy review on July 27, 2010.

    Jack Felister
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