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Forex - Aussie slightly weaker ahead of Q4 GDP data, China services PMI

Published 03/03/2015, 05:24 PM
Updated 03/03/2015, 05:26 PM
Aussie weaker in Asia

Investing.com - The Australian dollar eased in early Asia Wednesday ahead of GDP figures expected in an otherwise relatively quiet data day in Asia.

AUD/USD traded at 0.7814, down 0.02%, while USD/JPY changed hands at 119.74, flat. Australia reports fourth quarter GDP with a gain of 0.5% expected quarter-on-quarter and taking the annual pace to 2.5%. China reports the HSBC Services PMI for February.

On Tuesday, Australia surprisingly held its cash rate at a record low 2.5% with many analysts expecting a cut of 25 basis points.

Overnight, the dollar turned broadly lower against a basket of other major currencies in thin trade on Tuesday, as markets digested the previous session's U.S. data that sent the greenback broadly higher and no major U.S. economic reports were expected throughout the session.

The dollar had rallied broadly on Monday after data showed that U.S. manufacturing activity continued to expand in February supported expectations for higher interest rates.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was quoted at 95.41, down 0.04%.

The euro's gains were limited however, as investors remained cautious ahead of the upcoming European Central Bank meeting on Thursday, when it was expected to announce details of its quantitative easing program.

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