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Asia Recap: Incessant AUD selling

FXStreet (Bali) - The Australian Dollar was the weakest currency in Asia, while the US and the Canadian Dollars ended as the top performers.

AUD/USD saw its lowest at 0.9158 following the trip of stops through 0.9180 heling accelerate losses. It is now safe to say that Aussie traders are now entering a new technical phase after a 4-month range-bound pattern has been finally broken.

USD/JPY saw major buying interest, again, at the 106.00 level, with the rate heading back towards recent highs, stalling at 106.30/35, just some 10/15 odd pips from the mos recent high at 106.49. NZD/USD also pressed lower, currently at 0.9240, just 20 pips away from its Tuesday's low at 0.8220.

EUR/USD and GBP/USD saw losses well contained, with the pairs startingto provide some vague signs that further short squeeze may be seen.

On the fundamental space, Japan Domestic Corporate Goods Price Index (YoY) came below forecasts (4.1%) in August, posting a 3.9% increase, while the (MoM) came in at -0.2% below forecasts (0%). Japan Machinery Orders (YoY) came above forecasts (0.6%) in July, with actual at 1.1%, with the (MoM) series coming in at 3.5%, below expectations (4%). Japan's deputy economy minister crossed the wires saying that weakening yen is good for the economy. In Australia, Westpac Consumer Confidence for September was -4.6% (MoM) vs +3.8%, very disappointing report.

Main headlines in Asia

Japan Domestic Corporate Goods Price Index (YoY) below forecasts (4.1%) in August: Actual (3.9%)

Japan Machinery Orders (YoY) above forecasts (0.6%) in July: Actual (1.1%)

Japan Domestic Corporate Goods Price Index (MoM) came in at -0.2% below forecasts (0%) in August

Japan Machinery Orders (MoM) came in at 3.5%, below expectations (4%) in July

Westpac consumer confidence: Surprisingly disappointing result

Japan's deputy economy minister: weakening yen good for the economy

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