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Forex Flash: Japanese investors sell AUD assets in abundance – Westpac

According to FX Strategist Robert Rennie at Westpac, “Japanese investors had started selling down Australian assets in H2 last year on a number of occasions and as recent data suggests, we should upgrade that view to reflect the fact that Japanese sales of AUS assets late last year hit an all time record high.”

Using Investment Trust Association of Japan data, we find the value of investment trusts invested in Australia fell by AUD 12B in the year to December. Using Westpac’s AUD uridashi database, we find that Japanese investors dumped AUD 10B of Australian retail bonds in the year to January. Using MOF data, we find that Japanese investors sold a net AUD 1.5B of Australian assets in the year to December.

“If we isolate the November and December MoF numbers for 2012, the pace of selling was even more aggressive. Almost AUD 8B of Australian assets was sold in those two months by Japanese investors. That is an all time record and gives a clear sense of how aggressive this selling was.” Rennie adds.

Forex Flash: AUD/USD directly offered and targeting 0.9783 - Commerzbank

The AUD/USD is directly offered as it remains below initial resistance at 1.0345 (December low). "The market has sold off through the 2009-2013 1.0280 support line as expected and targets the 1.0149 October 2012 low", wrote Commerzbank analyst Karen Jones. "Our longer term target is 0.9783, the 2011-2012 support line and then 0.9404 the 2009 peak", she added, expecting rallies to remain capped by 1.0465/75 (30th Jan high and 55 day ma) "and while capped here attention will remain on the downside". Additional resistance may be offered at short term resistance line at 1.0419 and the previous December low at 1.0345.
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Forex Flash: Asia supported by Chinese data – BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that subtle verbal intervention by Draghi looks to have proved enough for now.
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