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End of ForexLive Asia FX news: AUD / JPY up

Forex news for trading in Asia Tuesday, October 26, 2021

It was a day without much news or significant data. The Australian dollar reversed while gaining ground overall, while the USD / JPY was a bit more sustained bullish movement. Neither range for these two pairs was too wide, but in a session so far where not much has happened in the majors, they were notable. Put them together and the movement for AUD / JPY is better.

The Aussie looked a bit jostled by moves in China iron ore futures (Dalian stock exchange futures), which opened higher but turned negative, roughly matching the high. AUD / USD, then down to the middle of its range. Some of you might think that correlation is not causation, and rightly so, but other than iron ore movements, all I can suggest is “more buyers than sellers ”(which will annoy a whole bunch of people ;-). AUD / NZD rose during the session and with Australian inflation data expected tomorrow (preview article above) may suggest some degree of further unwinding on this cross ahead of the potentially higher CPI of Australia and maybe an RBA overhaul on their lingering 2024 forecast. I’m not holding my breath on that.

USD / JPY hits new high for the session as I prepare for this article, rising above 113.90. The yen appears to be weighed ahead of the elections in Japan at the end of this month. Elon Musk went so far as to tweet his take on inflation (see bullets above) for the United States – above. US inflation and corresponding movements in US rates are supporting the USD / JPY (this is not news to anyone).


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