ForexLive Asian market wrap: AUD/USD triggers stops above 1.0600 despite poor jobs data

Australian economy lost 15,400 jobs in February, market had expected a small increase of around 4,000 Australian unemployment rate 5.2% Japanese January current account deficit Yen437 billion, which is a record deficit Japan Q4 GDP revised -0.2% QoQ Greek debt restructure deal looking increasingly likely South Korea keeps interest rates unchanged for 9th straight month Brazil lowers interest rates to 9.75% from 10.5% Nikkei +1.5%, Chinese markets +1%, other regional markets also rise by 0.8% on average Gold $1685/oz, Oil $106/bbl The AUD was yet again the main mover where strong demand eventually overcame the poor jobs data. AUD/USD closed in NY at 1.0580 but the inability to break back above the double-top neckline at 1.0595 did give the bears some hope. It fell sharply to 1.0540 immediately after the job numbers but buyers didn't wait long before jumping back in and the dip was relatively short-lived. Stops above 1.0600 were then triggered in after-lunch trade, when risk-on sentiment helped regional bourses rally further. Ranges: 1.0530/1.0607 EUR/USD followed the AUD lead for the main part, trading quietly in a 20 pip range for most of the day before working through sell orders near 1.3165/70 and triggering tight stops above there. Most traders stayed on the sidelines ahead of the Greek debt restructure and the ECB. Ranges: 1.3133/78 USD/JPY tried to rally after the relatively poor economic data but was unable to muster any momentum and we had to settle for a quiet 30 pip range. Sell orders are reported at 81.60/70 and Sovereign names are reportedly buying dips, but no clear levels are known at the moment. Ranges: 81.06/34 Cable 1.5722/53; EUR/CHF 1.2044/56