Aussie declines despite shrinking Australian trade deficit

January 7, 2014

The Asian session was calm as the economic calendar was light and most investors were positioning ahead of key risk events later this week, primarily the US nonfarm payrolls report on Friday. 

Meanwhile, there was some recovery in the US dollar today following disappointing US data from late on Monday.  The Institute for Supply Management said its services index dropped to 53% in December from 53.9% in November.

USDJPY opened in Asia at 104.22 after a volatile US session that brought the pair down to 103.90. The pair ended up at 104.42 with a 0.20% gain.

EURUSD opened Asia at 1.3628 and ended at 1.3617. Yesterday the euro was lifted by better - than -expected Eurozone sentiment data which contrasted with soft US ISM non-manufacturing data. A key driver today for the euro will be Eurozone CPI data. 

The euro edged up against the yen, with EURJPY finishing at 142.18, rebounding from Monday’s low of 141.48 but far below a 5-year high of 145.65 set in December. 

The aussie dollar fell despite news showing the Australian trade deficit was smaller- than-expected deficit in November. The Australian dollar eased down almost half a percent to 0.8919.

In other news, the US Senate confirmed Janet Yellen to be the next Chairperson of the Federal Reserve during a vote on Monday and will be replacing outgoing Ben Bernanke in February.

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