Aussie and yen drop on gloomy regional trade figures
On Monday, the Australian dollar and yen sagged during Asia trade with trade data out of China demonstrating a better than expected balance surplus, though imports were quite dismal.
The currency pair USD/JPY traded at 102.02, showing a 0.23% surge after a narrower than expected trade surplus in Japan. Meanwhile, AUD/USD was worth 0.7611, slumping 0.08% with the currency's fortunes closely-tied to trade with key partner China.
Outside the G7, on Wednesday, market participants will be waiting for a monetary policy announcement from the Reserve Bank of New Zealand amid surging expectations for a drop in interest rates.
The US dollar index, gauging the greenback’s actual strength against a trade-weighted basket of six major counterparts, sank 0.07%, being worth 96.12.
The previous week the major US currency grew after data, which disclosed that American employment soared more than expected in July, thus raising the overall probability of an interest rate from the Federal Reserve this year.