AUD Dollar FX trader
(Action Economics) - 30-Mar-12 05:20 - AUD-USD experienced a good short covering rally after it held the 1.0300 level yesterday.
Heavy option backed bids put a floor in place ahead of large barriers and it started the Asian session close to 1.0375.
JPY buying interest encouraged intra-day accounts to target weak longs, but it did not trade lower than 1.0362 as AUD-JPY demand encouraged a decent bid in the dollar headline.
Other supportive factors included vague rumours of a PBoC reserve ratio cut and speculation that the weekend manufacturing PMI would beat expectations, though the moves looked flow related rather than speculative.
NZD-USD was supported on dips throughout after it recovered from 0.8112 lows yesterday and briefly traded over 0.8202 in tandem with the AUD upswing.
NZD-JPY also experienced good demand on dips and traded from 66.86 lows to 68.25 after it pulled back from 67.45 during the Tokyo morning.
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