JPY Daily News

Asian Bourses Trade Higher as Kiwi Soars

The Asian trading session got off to a strong start today on the back of renewed sovereign buying interest. Both the New Zealand dollar and the Australian dollar were sharply higher following the report China may look to invest 1.5% of its FX reserves in New Zealand assets and 2% of its reserves in Australian assets. This has helped the NZD/USD surge today and is the FX market's strongest performer out of the G-10 currencies.

Versus the Australian dollar the Kiwi has put in significant technical damage. The AUD/NZD has fallen from its early May high at 1.3700 and this morning has cracked the psychological support level of 1.3100. In overnight trading the pair plunged lower, breaking the previous support at 1.3190 which should now serve as initial resistance. Further support is found at 1.3040. A more long term target for the AUD/NZD may be found between the January low at 1.2775 and the 61.8% retracement level from the 2010 low to the May 2011 high at 1.2740.

Current Time: 05/27 00:01 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
05/26
	00:30	JPY	Tokyo Core CPI	y/y	0.2%	0.2%	-
	00:30	JPY	National Core CPI	y/y	-0.1%	0.6%	-
	00:50	JPY	Retail Sales	y/y	-8.3%	-6.1%	-