Investing.com - The yen gained against the dollar, reversing
earlier weakness in Asian trade on Wednesday, despite core
machinery orders down a surprise 2.1% on month in September in a
sharp turnaround from strong growth the previous month.
USD/JPY reached 99.63, down 0.01%, after the data, trading in a
range of 99.59 - 99.68. The country reported machinery orders fell
2.1% in September (-1.4% forecast) and the October corporate goods
price index dropped 0.1% (-0.2% forecast).
Machinery orders are a leading indicator of corporate capital
investment and assessed for pricing intentions as well.
The Australian dollar was largely steady and the dollar held stable
against most major currencies as U.S. Treasury Secretary Jack Lew
arrived in the region for a series of leadership meetings in
Singapore and Malaysia on Wednesday as well as Beijing later in the
AUD/USD traded at 0.9300, down 0.01%, giving up initial gains after
a November survey by Westpac-Melbourne Institute showed its
consumer sentiment index rose 1.9% to 110.3, nearing a peak earlier
this year as house prices in Sydney and the state of New South
Wales and in Western Australia rose smartly.
The survey comes on the heels of disappointing October business
confidence and conditions in a survey by National Australia Bank
released Tuesday. Both surveys are being closely watched by the
Reserve Bank of Australia.
Up ahead for Australia at 1130 local time (0030 GMT) is the third
quarter wage-price index with a forecast for a gain of 0.7% (Q/Q).
The dollar enjoyed support overnight amid ongoing expectations for
the Federal Reserve to begin scaling back its USD85 billion in
monthly bond purchases either in December or in early 2014.
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