Commodity price-dependent currencies such as the Australian dollar and Norwegian crown were the main movers on major foreign exchange markets on Tuesday, gaining up to a third of a percent on talk of more economic stimulus in China.
Tags: Australian dollar
Australian dollar recovers as unemployment figures went down
The Australian dollar has slightly recovered after Australian employers created more jobs than what economists forecasted last month, pulling down the unemployment rate. According to Bloomberg, the Australian dollar was at 69.70 U.S. cents as of 11:38 am in Sydney on Thursday, down by 0.7% from the previous day. It had been at 69.53 cents just before the statistics bureau announced the number of employed in Australia climbed to 17,400 in August. An increase of 5,000 jobs is expected by analysts, according to the median estimate in a Bloomberg survey. The rate for the jobless went down from 6.3% to 6.2 % in July.
Greek uncertainty hits Europe shares, inflation lifts euro
European shares dipped on Tuesday while German bond yields rose, with investors scrabbling for clarity over whether a high-level meeting on Greece's debt crisis might herald a significant breakthrough.
Weak China trade data hammers Aussie, weighs on Europe shares
A shock fall in Chinese exports hammered the Australian dollar on Monday, though expectations of fresh economic stimulus from Beijing helped Asian stocks higher
Japan Post agrees to $5.1 billion takeover of Australia's Toll Holdings
Financial giant Japan Post Holdings Co Ltd launched its global expansion strategy with its largest ever deal on Wednesday, agreeing a A$6.5 billion ($5.1 billion) takeover of Australian freight and logistics firm Toll Holdings Ltd.
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The yen edged higher on Tuesday as a fall in oil prices dented risk appetite and prompted investors to trim short positions in the Japanese currency.
Australian GDP sank to 0.3 percent in the third quarter, significantly below analysts’ expectation of 0.7 percent, Australian Bureau of Statistics showed on Tuesday. In the second quarter, GDP grew by 0.5 percent. In the fourth quarter, the RBA is expecting the annual growth to ease to 2.5 percent and will probably be around 2.5% to 2.75%.
The dollar marked a fresh seven-year high against the yen on Wednesday, which helped lift the Nikkei to a similar record, while oil prices recovered after data showed a drop in U.S. supply.
Australian employment rebounded in October to keep the jobless rate steady at 6.2 percent, though lingering concerns about the reliability of the data still led investors to sell the local dollar to four-year lows.
The yen scaled a one-month high against the dollar on Monday, as heightened worries about the health of the global economy continued to shore up the safe-haven Japanese currency.
A second day of weak German data sent European markets into retreat on Tuesday with stocks, the euro and periphery euro zone government debt all knocked by the mounting evidence of an abrupt slowdown in the bloc's economic engine room.
Asian shares tentatively rose in early trade on Tuesday, while the dollar steadied after investors locked in some gains overnight on its recent rally.
Asian stocks stumbled to a five-week low on Monday after a batch of disappointing data out of China raised the specter of a sharp slowdown in the world's second-biggest economy.
Yen hit 96.47 gained 2% against the US dollar. (Photo : REUTERS) Investors were prompted to unwind some of their best bets against the yen, as a response to BoJ 's complacent reaction to the turbulent markets.
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