AUD And JPY Under Pressure - 6.2.2013
The good data from Eurozone could reassure market participants, and the European currency received the support again. January PMI composite index and PMI in the services sector were better than expected, although another report showed that retail sales fell in December by 3.4% in annual terms. Against the U.S. dollar the euro was traded above 1.35, and reached a new 34-month high 127.69 against the Japanese yen this morning.
Australian dollar got under pressure today after the retail sales data Australia for December released from. The index fell by 0.2%, although it was expected to be increased. At the same time, yesterday, the RBA has not excluded a possibility of reducing the level of interest rates within the year, according to another meeting results. The AUDUSD currency pair has fallen to 1.0334 during the morning trading compared with yesterday closing level at 1.0385. In one of the previous reports, we have set the technical target for EURAUD at 1.40.
Japanese yen remained under pressure against major currencies. The BOJ governor - Masaaki Shirakawa said that he will leave the chair on March 19th, a few weeks before the end of his five-year mandate. The Prime Minister - Shinzo Abe has made it clear that he would like to see a man aiming an easier monetary policy as a head of the central bank. Thus, the Bank of Japan may take further steps to stimulate the economy earlier than it is expected by market participants. Our nearest target for USDJPY stands at 95.00.