AUD/JPY breaks higher, re-attempts 84.00 ahead of Aus CPI

Dhwani Mehta FXStreet

The AUD/JPY cross finally brought an end to its overnight consolidation box in Tokyo, and broke to the upside amid an extended rally in the Asian indices, boosting the rate to test 84 handle.

Risk-on sentiment remains the underlying theme in Asia so far, diminishing Yen’s attractiveness as a safe haven across the board, while the higher yielding currency Aussie recovers ground and turns positive, benefiting from a better sentiment towards risk assets.

Reflecting risk-on market profile, the benchmark 10-year US yields trade near 2-week tops of 2.345, while the Asian stocks trade +0.65% to +1%.

However, the bulls remain cautious heading towards the Australian Q1 CPI data release, which is expected to shape up next direction for the AUD. Australia's Q1 2017 CPI preview - NAB

Technical Levels

Higher side: 84.47/50 (Apr 5 high/ psychological levels), 84.73 (50-DMA), 85 (zero figure)

Lower side: 83.47 (daily pivot), 83.23/16 (5 & 200-DMA), 83 (key support)

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD retreats below 1.1800 as EU-US trade relations sour

EUR/USD loses its traction and retreats below 1.1800 following the earlier climb. The data from Germany highlighted a modest improvement in business sentiment in February but failed to help the Euro as investors assess the US-EU trade relations following Trump's global tariff hike announcement.

GBP/USD rises toward 1.3550 as tariff confusion slams USD

GBP/USD extends the advance toward 1.3550 on Monday. The US Dollar faces intense selling pressure as tariff uncertainty lingers following US President Trump's latest announcement. Traders will take more cues from the broader market sentiment and central bank talks.

Gold climbs above $5,100 on broad USD weakness

Gold sticks to its bullish bias near the monthly above $5,100 on Monday. Renewed trade-war fears, along with rising geopolitical tensions in the Middle East, turn out to be key factors that underpin the safe-haven precious metal and validate the constructive outlook.

Cardano braces for impact as US tariff storm brews

Cardano is down 4% at press time on Monday, entering its third consecutive day of decline. Bearish bias in Cardano’s derivatives market positional buildup aligns with rising pressure on the broader cryptocurrencymarket amid US President Donald Trump's reassessment of global tariffs and domestic conflict with the US Supreme Court.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

Top Crypto Losers: Zcash, Pump.fun, and LayerZero extended losses as Bitcoin loses $65,000

The cryptocurrency market starts the week in panic mode, with altcoins Zcash, Pump.fun, and LayerZero. Bitcoin falls below $65,000 as the US President Donald Trump regroups amid renewed trade policy risks.