The Japanese Yen strengthened after stronger than expected trade data. USD/JPY opened around 118.00 in Asia, but declined to a low of 117.17 later in the session. Support can be expected at 117.00, followed by 116.20. The Euro was quite overnight and traded within a 1.0435-65 range. The Pound strengthened in the early Asian session and briefly rose above 1.25, but eventually lost momentum and fell back to 1.2465.
The Australian Dollar caught a bid at the open and rallied from 0.7275 to 0.7315. After the Tokyo open, it came under pressure and eventually reversed the earlier gains, declining to 0.7285.
The New Zealand Dollar however, remains up on the day, following some strong data releases out of the country. Both consumer and business confidence showed improvement, and building permits rose as well.
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