USD Trading Outlook (26-02-2014)
The Australian Dollar (AUD): Europe session bought the brief dip on the recent weak CNH and CNY which pushed AUD to a high of 0.9044 before it slid back to 0.9030 in NY open. The pair was stuck in a relatively tight range but due to JPY strength, AUD/JPY was below 92.45 which dragged the AUD down to the lower end of day range, around 0.9015. Tomorrow’s Capex data would impact the AUD/USD as traders will be looking to see if the drop in mining investment can slowly pick up and China’s Manufacturing PMI (due over the weekend) will also affect the AUD/USD.
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