Forex - Dollar Steadies; Aussie Bearish Ahead of RBA Rate Decision    By Investing.com

Forex - Dollar Steadies; Aussie Bearish Ahead of RBA Rate Decision   

Forex Jun 04, 2018 11:55PM ET

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Forex - Dollar Steadies; Aussie Bearish Ahead of RBA Rate Decision

Investing.com -  The dollar remained steady in morning trade in Asia Tuesday, hovering near the 94 value, while the Aussie looked bearish ahead of the rate decision of Reserve Bank of Australia (RBA) that will come later in the day. The yen dropped after Japan posted softer-than-expected home spending data.

The U.S. dollar index, which tracks the greenback against a basket of six major currencies, remained steady above the 94 level, adding 0.1% to 94.03 at 11:35PM ET (03:35 GMT).  Ever since the dollar index reached this year’s high at 94.93 last Wednesday, it has been oscillating around the 94 level.

Investors also eye the development of the U.S.-North Korea summit, as the White House confirmed a time for U.S. President Donald Trump to meet with his North Korean counterpart Kim Jong-un. The two are set to meet at 9 a.m. Singapore time on June 12, but Press Secretary Sarah Huckabee Sanders noted that sanctions would continue unless North Korea denuclearized.

The easing tensions on the Korean Peninsula boosted the South Korean won. The USD/KRW pair lost 0.22% to 1068.01.

The Aussie was sliding against the dollar on Tuesday morning, with the AUD/USD pair trading 0.16% lower at 0.7636. The RBA is due to release its rate decision later today and is expected to keep the rate unchanged. The country also reported worse-than-expected Current Account Balance that came in at -10.5 billion versus the expected -9.95 billion.

The Japanese yen was also losing to the dollar. The USD/JPY pair gained 0.03% to 109.85. Japan’s household spending missed expectation, contracting by 1.3% versus a forecasted 0.8% gain.

In China, the USD/CNY pair shed 0.01% to trade at 6.4074.  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 6.4157 versus the previous day's 6.4208.

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