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Signs of exhaustion apparent in EUR/JPY

Outlined from an hourly perspective, the [pair] is being carried into new low ground but reflecting an extremely low volatility.

Usually associated with the formation of narrow consolidation ranges, there is a chance for volatility to expand again and for price to break out and start a new upward trajectory. Conversely, an extra selloff is also likely should the immediate range support fail.

Traders are advised to maintain a degree of neutrality until a strong break in either direction ensues.

Asia stays risk-averse as China CPI disappoints, UK jobs report eyed

The broader market sentiment continues to worsen for the second straight session, with the underlying reason being the same – poor economic news from China. The Japanese yen along with gold continues to garner support on global risk-off approach. While the Antipodes are trading mixed with the Kiwi outperforming on the back of Fonterra’s upward revising by S&P.
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AUD: Demand for Australian iron ore is rising - HSBC

Paul Bloxham, Chief Economist at HSBC Global Research, notes that slower growth in China and a downturn in the mainland property market have seen falling demand for iron ore, as might be expected but demand for Australian iron ore has continued to rise and the reason is that Australia is the lowest cost producer in the global market.
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