Asian Session – Aussie surges after RBA holds rates
February 4, 2014 7:41 amVideo
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The Australian dollar was the main currency that stood out today after it surged by over 1% against the US dollar on the back of a more upbeat Reserve Bank of Australia policy statement.
The RBA left its main interest rate on hold at a record low 0.25% and issued a less dovish statement that shifted from “a soft easing bias to a clearly neutral bias”.
After initial weakness against the greenback, the aussie jumped to an Asian session high of 0.8892 from a low of 0.8729. The Australian currency ended the session with a 1.46% gain at 0.8875.
The US dollar was able to regain some losses made against the yen after a sharp tumble on Monday following disappointing US ISM manufacturing PMI data. The January survey plunged to 51.3 compared to 56.0 expected.
The data pushed dollar/yen below 101 to 100.76 before bouncing to 101.36 in Asia. The pair ended the session with a 0.05% gain at 101.02. Lending support to the dollar was news that Japan’s monetary base widened in January, which caused some yen-selling.
The euro briefly touched a 2-month low of 136.21 against the yen before ending the session at 136.65 with a 0.07% gain. Against the dollar, the euro gained 0.03% to 1.3528.
Sterling was one of the worst performing G10 currencies, after extending its decline against the US dollar today. The pound lost 0.18% to end the Asian session at 1.6274.
Monday’s UK manufacturing PMI was disappointing and hurt the pound. UK construction PMI data will be in focus later today.
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