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Impulsive Rally Extends

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Price Is Below The 50-Day EMA

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Greenback Bounces

FOREX

A small bounce in the greenback early in Asia on Wednesday after another decline on Tuesday, AUD and NZD bother lower as a result. AUD has shed around 6 pips with focus on Westpac Consumer Confidence at the bottom of the hour, while Wage Price Index data at 02030BST/1130AEST has the potential to be a market mover.

  • NZD is around 10 pips lower, data earlier showed Q1 producer output prices rose 1.2% Q/Q, while producer input prices rose 2.1% Q/Q. Elsewhere GDT price index & whole milk powder price index both fell just 0.2% in the latest auction. It was the fourth auction which saw the index remain little changed.
  • JPY is slightly softer but more resilient than its regional peers. USD/JPY up 2 pips. NHK reported earlier that a safety lapse was found at TEPCO's Fukushima Daini plant. Markets await final March industrial output later in the session.
  • Offshore yuan is weaker, USD/CNH is up 34 pips at 6.4246, but still holding near the bottom of Tuesday's range which denoted the highest for CNH since May 11.

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