🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

Forex - Aussie Gains After NAB Surveys, Yen Up On Solid Current Account

Published 10/10/2017, 01:24 pm
Updated 10/10/2017, 02:05 pm
© Reuters.  Aussie gains in Asia
GBP/USD
-
USD/JPY
-
AUD/USD
-
USD/TRY
-
DX
-

Investing.com - The Aussie received a solid boost from closely-watched business surveys while the yen held gains after better-than-expected current account figures.

USD/JPY changed hands at 112.65, down 0.03%, while AUD/USD traded at 0.7782, up 0.39%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.22% to 93.34.

Japan reported the adjusted current account came in at a surplus of ¥2.27 trillion, wider than the ¥1.98 trillion seen. In Australia, the NAB business confidence survey rose to plus-7 from plus-5 and the NAB business survey for September was steady at plus-14.

Overnight, the dollar held steady near 10-week highs against other major counterparts in quiet trade on Monday, as hopes for a December rate hike by the Federal Reserve continued to lend support to the greenback.

The dollar remained supported as the wage data from Friday's U.S. jobs report was seen as potentially boosting inflation.

The U.S. economy lost 33,000 jobs in September, the Labor Department reported, ending seven straight years of job growth. But the decline was driven by slower hiring due to the effects of Hurricanes Irma and Harvey.

The unemployment rate fell to 4.2%, the lowest since 2001 and average hourly earnings rose 2.9% from a year earlier.

The uptick in wage inflation bolstered expectations that the Federal Reserve will hike interest rates in December.

Safe-haven demand mildly strengthed following reports North Korea is preparing to test a long-range missile that it is believed could reach the west cost of the U.S.

GBP/USD gained, pulling away from Friday's four-week low of 1.3027 ahead of a fifth round of Brexit talks between the UK and the EU in Brussels this week.

The talks will be taking place amid growing concerns over a possible leadership battle in the UK following threats by a former Conservative Party chairman claiming the support of 30 lawmakers to topple British Prime Minister Theresa May.

The Turkish lira remained lower, with USD/TRY up 3.27% at 3.7334 after the U.S. and Turkey mutually suspended visa services on Sunday.

The move was made following last week’s arrest of a U.S. embassy employee in Istanbul for alleged involvement in the July 2016 coup attempt against President Recep Tayyip Erdogan. Washington has dismissed the allegations as baseless.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.