Currency markets were very quiet during Monday’s Asian session, as volumes were light due to markets in Japan being closed for a holiday. Dollar held onto last week’s gains as major currency pairs consolidated.
The only headline news of importance was GDP data from China, which markets were quite satisfied with. Asian stock markets rose as the slowdown estimates were as expected. China grew GDP grew 7.5 percent in the second-quarter.
Australia’s S&P/ASX 200 rose 0.39 percent since China is Australia’s major trading partner. Australia’s dollar rose as the Chinese data showed growth slowed in line with economist forecasts. Meanwhile domestic data from Australia also supported the Aussie.
The Australian Bureau of Statistics said new vehicle sales there rose 4 percent last month to a seasonally adjusted 97,687 in June, from 93,927 in May. AUDUSD climbed to a session high of $0.9116 from the open of 0.9065, gaining half a percent so far.
Other currency pairs traded in tight ranges.
EURUSD traded within a 30 pip range supported at $1.3052. Euro remains under pressure after Fitch ratings agency downgraded France from its triple-A rating late on Friday, citing growing government debt levels and the weak outlook for economic growth.
GBPUSD also went nowhere, supported at $1.5097. Focus will be on UK data later in the week, on inflation and jobs as well as the Bank of England policy meeting minutes.
USDJPY eased down from Friday’s high of 99.68 yen and was rangebound in light trading volumes, ending at 99.24 yen.
Currency markets were very quiet during Monday’s Asian session, as volumes were light due to markets in Japan being closed for a holiday. Dollar held onto last week’s gains as major currency pairs consolidated.
The only headline news of importance was GDP data from China, which markets were quite satisfied with. Asian stock markets rose as the slowdown estimates were as expected. China grew GDP grew 7.5 percent in the second-quarter.
Australia’s S&P/ASX 200 rose 0.39 percent since China is Australia’s major trading partner. Australia’s dollar rose as the Chinese data showed growth slowed in line with economist forecasts. Meanwhile domestic data from Australia also supported the Aussie.
The Australian Bureau of Statistics said new vehicle sales there rose 4 percent last month to a seasonally adjusted 97,687 in June, from 93,927 in May.
AUDUSD climbed to a session high of $0.9116 from the open of 0.9065, gaining half a percent so far.
Other currency pairs traded in tight ranges.
EURUSD traded within a 30 pip range supported at $1.3052. Euro remains under pressure after Fitch ratings agency downgraded France from its triple-A rating late on Friday, citing growing government debt levels and the weak outlook for economic growth.
GBPUSD also went nowhere, supported at $1.5097. Focus will be on UK data later in the week, on inflation and jobs as well as the Bank of England policy meeting minutes.
USDJPY eased down from Friday’s high of 99.68 yen and was rangebound in light trading volumes, ending at 99.24 yen.
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