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Found 2 results

  1. The Australian dollar was the worst performer in the Asian session after dropping 1% against the US dollar on disappointing GDP data. AUDUSD fell to a three-month low to $0.9045 after the data that showed the Australian economy grew less-than-expected in the third quarter at 0.6% versus 0.8% forecast. The Aussie has been falling steadily since the October 23 high of $0.9756, triggered by comments from Reserve Bank of Australia Governor Glenn Stevens who said the value of the currency is too high. Meanwhile, the soft GDP data suggests further monetary easing was not completely ruled out, meaning a possibility of a rate cut from the current 2.5% benchmark rate. The US dollar managed to make a small recovery against the yen after a big slide yesterday. USD/JPY dropped to 101.97 yesterday as investors took the opportunity to rake in their recent profits when the dollar hit 103 yen, while being cautious ahead of key risk events. There will be a string of US data coming out – ADP jobs data later today, US GDP tomorrow and the all-important US non-farm payrolls data on Friday. The dollar ended the Asian session at 102.66 yen, with a gain of 0.17%. The euro moved away from a one-month high against the dollar as focus turns to the European Central Bank policy meeting tomorrow. EURUSD slid to end the Asian session at $1.3579. However against the yen, the euro gained slightly to 139.41 yen.
  2. The Australian dollar was the main mover in Monday’s Asian session as a result of data from China, which is Australia’s main trading partner. Manufacturing PMI data from the world’s second largest economy showed that expansion in the manufacturing sector was steady at an 18-month high and eased concerns of a slowdown there which could affect the rest of the global economy. The official Manufacturing PMI data which was released on Sunday was as expected and the private report from HSBC today was above forecast, with both being in expansionary territory. Since China is a major trading partner for Australia, the news was positive for the Australian dollar. Also data that showed Australia’s building approvals were not as bad as expected helped lift the Aussie, up 0.5% in the Asian session against the USD to $0.9150. The main news to look forward to later today will be Euro zone PMI data. The euro gained 0.11% against the dollar in Asia to 1.3601, moving closer to a one-month high of 1.3620 hit on Friday. The euro rose 0.06% against the yen to 139.31. The dollar was steady at 102.41 yen, down 0.10% in the Asian session after hitting a 6-month high of 102.60 yen on Friday. The main driver for the USD will be Friday’s US nonfarm payrolls data. US jobs data are closely watched by the Federal Reserve, as the data will play a part in determining when it can begin tapering.
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