JPY Daily News

AUD Up on Improved Market Sentiment and Ratings Upgrade

The AUD has made an impressive move versus the USD with the pair climbing back above parity. The AUD initially gapped higher to start the week as traders responded positively to a potential EU deal to support the EFSF and additional European integration. Also supporting the high yielding currency yesterday was a ratings upgrade of the Australian foreign-currency rating by Fitch to AAA from AA+. Fitch cited low government debt levels and flexible governmental policies for its rating change.

The AUD/USD has climbed from 0.9660 to yesterday's high of 1.0075 where the pair ran into resistance at the 55-day and 20-day moving averages. A continuation of the move higher would likely find selling pressure at 1.0340 from the November 13th high. A close above the 1.0050 resistance from the November 10th low would support this view.

Current Time: 05/27 00:15 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
11/30
	01:30	JPY	Average Cash Earnings	y/y	-0.4%	0.0%	0.1%
	05:00	JPY	Housing Starts	y/y	-10.8%	-6.1%	-5.8%