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Forex – Dollar Steady at 4-month High; Aussie Up On Business Confidence

Forex May 06, 2018 11:25PM ET
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© Reuters. The dollar remained at its 4-month highs of above the 92 level.

Investing.com – The dollar slid against the other major currencies in Asia on Monday morning but remained at its 4-month highs of above the 92 level. The Aussie got a small lift on news of stronger business confidence. This week investors will also see Australia’s retail sales data on Tuesday and the PPI and CPI from the U.S on Wednesday and Thursday.

The U.S. dollar index that tracks the greenback against a basket of six major currencies last stood at 92.30, down 0.13% at 11:22PM ET (03:22 GMT). The greenback reached this year’s new high at 92.70 last Friday, then dropped to the 92.30 level on Monday morning. Despite the recent momentum, the dollar has lost 6.3% in a year.

The trade talks between the U.S. and China continued, with a long list of demands in a statement titled “Balancing the Trade Relationship” issued by the two countries in an attempt to resolve the disputes. China requested the 25% extra tariffs lifted, while the U.S. expressed concerns over intellectual properties.

The USD/JPY pair eased 0.13% to 108.98. The yen opened the week firmer following the Golden Week. The Bank of Japan’s monetary policy meeting minutes were released on Monday morning. The Bank kept its loose monetary policy steady and its governor signalled his readiness to ramp up stimulus if the economy lost steam.

The AUD/USD pair gained 0.05% at 0.7542. National Australia Bank’s Business Confidence Barometer index for April rose to 10, from 8 last time. The Bank’s survey also showed that index of business conditions rose 6 points to 21 in April, far above the long-run average of 5.5 and matching the highest reading since the survey began in 1997. The rosy data sent the Aussie higher on Monday morning.

In China, the People's Bank of China set the set the reference rate for the yuan against the dollar, the mid-point from which the currency is allowed to trade, at 6.3584 versus the previous day's 6.3521. The USD/CNY pair eased 0.15% to trade at 6.3522.

Forex – Dollar Steady at 4-month High; Aussie Up On Business Confidence
 

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