Yen heads south after Caixin

Yen heads south after Caixin

On Tuesday, the Japanese yen traded modestly weaker and the Australian dollar surged in Asia, following a newly issued poll on manufacturing from China, offering a softer than expected outcome. Meanwhile, market participants looked ahead to the fresh interest rate review by Australia’s major financial institution.

The US dollar index, measuring the greenback’s actual value versus a trade-weighted basket of six main rivals, edged down 0.06%, hitting 98.92. 

The currency pair USD/JPY got to 111.88, ascending 0.04%, while AUD/USD showed 0.7544, leaping 0.24%.

The Bank of Japan published a minutes from its March policy gathering and policymakers decided to closely monitor consumer prices due to the fact they’re lacking upward momentum now. The minutes reiterated earlier phrasing that in the nearer future consumer prices will hit the major bank's 2% inflation objective, though the BOJ requires continuing with its quantitative easing, as the minutes states.

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