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Forex - Japanese yen a tad stronger ahead of data sets

Published 07/07/2014, 07:01 PM
Updated 07/07/2014, 07:04 PM
Japanese yen stronger in Asia

Investing.com - The Japanese yen was a tad stronger in early Asian trade ahead of a slew of data, while the Australian dollar was flat to weaker ahead of a private confidence survey.

In Japan June bank lending, portfolio investment, May current account balance and trade data for the first 20 days of July are all due at 0850 Tokyo time (2350 GMT).

USD/JPY traded at 101.83, down 0.03%, ahead of the data.

Then at 1130 in Sydney (0130 GMT), there's Australia's June NAB business survey. The expectation is for a drop in confidence from +7 in May, while conditions are expected to be little changed from -1.

AUD/USD traded at 0.9371, down 0.01%, ahead of the survey.

Overnight, the dollar traded steady to lower against most major currencies after investors locked in gains from Thursday's upbeat U.S. June jobs report and sold the greenback for profits.

Many investors jumped to the sidelines to await the release of the minutes from the Federal Reserve's June policy meeting on Wednesday, which may hold clues concerning the direction of monetary policy.

Goldman Sachs said it expected the Fed to raise interest rates in the third quarter of 2015 as opposed to the first quarter of 2016 made in an earlier prediction, though uncertainty ahead of the release of the Fed minutes swayed investors away from the dollar.

The euro, meanwhile, rose on demand from bargain hunters despite soft German industrial output numbers.

Official data showed that German industrial output fell 1.8% in May, the third consecutive monthly decline, defying market calls for a 0.2% expansion.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, rose 0.02% at 80.29.

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