From the FXWW Chatroom: Strong demand for UsdJpy continued out of Japan pushed UsdJpy towards 113.80. There was also some buying into fix for Goto-bi Day. Reuters News reported that the Bank of Japan has offered to buy Jpy320bn of super long JGB during today’s market operation. I heard offers gather above 113.95, previous high of Jan 31 and Feb 1. Fresh buying is now said to be near 113.60.
In today’s SOMP, RBA trimmed near-term GDP growth forecast while sees little change in inflation outlook. I am still hearing bids in AudUsd scattered from 0.7620 to 0.7600 from various accounts, stop sell orders from breakout artists near 0.7595. Chinese Jan trade data exceeded expectations. Imports rose 25.2% from 10.8% and imports rose 15.9% from +0.6%. Trade surplus was Yuan354.5bn. AudUsd soared to 0.7650’s – upside resistance 0.7690.