AUD took the spotlight after China data

September 10, 2013

Most major currencies consolidated into very small ranges in Asian session trading on Tuesday, with very little activity in especially euro and sterling.

USDJPY was quiet too, briefly rising to above 99.70 early in the session and then down to around 99.50. The greenback was subdued due to market expectations of a possible delay in Fed tapering after Friday’s disappointing U.S. jobs report.

Australian dollar was the biggest mover today as a result of its reaction to upbeat economic data from China, which is Australia’s main export market. Domestic data also lent support. National Australia Bank’s August business-confidence survey showed sentiment at its highest in more than two years.

China’s Industrial production rose 10.4 percent from a year earlier, accelerating from July's 9.7 percent advance. Also Chinese retail sales rose by 13.4 percent compared to August last year.

AUDUSD rose to 92.87 U.S. cents, up from the session open of 92.26 U.S. cents.

EURUSD hardly moved, reaching session highs at $1.3270, while GBPUSD was little changed at $1.5700.

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