During the Asian overnight session the Aussie dollar continue to strengthen against the U.S. dollar. On the U.S. dollar side market participants have been attempting to digest economic data out of the U.S. which have been mixed.
The Aussie dollar has been ticking higher for the past four sessions as it approaches our downward trendline and 200 day moving average despite disappointing Australian employment data. Official employment data showed a drop of over 10k jobs in July compared expectations of an increase of 5k new jobs.
Tonight on Fast Money as we highlight Twitter and growth in the internet space for information I will discuss Chinese internet stocks and the gargantuan move they have made and all that we realize and expected they could:
Overnight the U.S. dollar climbed higher against the Japanese yen when the official Chinese economic growth only met expectations at 7.5% growth rate.
Overnight the Australian Business Confidence report showed businesses were more positive with a reading of 0 for the month of June compared to the previous reading of -1 in turn helping to support the Aussie dollar.