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Forex Flash: AUD to fall in second half of this year - RBS

FXstreet.com (Barcelona) - According to Greg Gibbs, FX Trading Strategist at RBS: “We continue to forecast a fall in AUD in the second half of this year,” the analyst notes, adding: “At which time we may see a weaker outlook for the Chinese economy slow the capital inflow to CNY at the same time as the government in China may be tightening lending conditions and attempting to cool the Chinese property market.”

Greg expands: “A higher CNY combined with a weaker export outlook for China (undermined by the stronger CNY itself) will at some point discourage further capital inflow,” he concludes.

Forex: EUR/USD quietly edges higher during Asia session

The EUR/USD finished the day up 11 pips at 1.3011. However, the pair at one point traded as low as 1.2955 after the German IFO number release which came in at 104.4 actual vs. 106.2 estimates. This was the second day in a row of disappointing economic data out of Europe after the German PMI came in below expectations the previous day. The pair is maintaining a firm bid during the Asia session, up another 29 pips at 1.3040.
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Forex: AUD/USD drifting higher towards resistance at 1.0320

The AUD is drifting higher during Asia trade, up another 30 pips at 1.0309 last. The economic calendar is light with both Australia and New Zealand closed for bank holidays. So far initial resistance at 1.0320 is capping further advances.
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