Forex markets heated up in Asia on Wednesday as economic data releases in the region bolstered the yen and undercut the Australian dollar.
The Aussie dollar dipped as much as 0.7 per cent to $0.7578 after wage growth came in at just 0.5 per cent for the three months through September, missing expectations of a 0.7 per cent rise from the previous quarter.
Capital Economics chief Australia and New Zealand economist Paul Dales said the third-quarter result was “actually very disappointing and suggests that underlying wage pressures probably eased further.”
Japan’s yen firmed 0.4 per cent to ¥113.03 per dollar as equity benchmarks in Tokyo fell on data showing the country’s gross domestic product growth decelerated in the third quarter.
Meanwhile, the euro was steady at $1.1792 after a banner session on Tuesday saw it gain as much as 1.2 per cent after Germany reported robust economic growth for the third quarter. The dollar index was likewise static in Asia at 93.857.
Stock market losses in the region helped bolster sovereign bonds, driving down yields. That on the 10-year Australian government bonds was down 7 basis points at 2.579 per cent.
Yield on 10-year US Treasuries was 1bp lower at 2.358 per cent, as was that on the equivalent Japanese government note at 0.034 per cent.
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