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Forex - Aussie, yen gain in early Asia with focus on China CPI

Investing.com -

Investing.com - The Aussie and yen edged higher in early Asia on Friday as investors await consumer prices from China following a string of fairly upbeat data from the country on trade and manufacturing.

AUD/USD traded at 0.7650, up 0.09%, while USD/JPY changed hands at 102.33, down 0.15%. China is a top trading partner for Australia and Japan.

In China CPI figures are slated with a 0.3% gain seen month-on-month for August and a 1.7% pace year-on-year. PPI figures are expected to show a 0.9% fall year-on-year.

Before the China figures, Australia reports home loans data for July is due with a 1.5% fall seen month-on-month, and housing finance at the same time with a previous gain on 3.2%.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was last quoted at 95.04.

Overnight, the dollar trimmed losses against the other major currencies on Thursday, after data showed that U.S. jobless claims fell to a six-week low last week and after the European Central Bank refrained from implementing any additional stimulus measures at its policy meeting.

The U.S. Department of Labor said initial jobless claims in the week ending September 3 decreased by 4,000 to 259,000 from the previous week's total of 263,000. Analysts expected jobless claims to rise by 2,000 to 265,000 last week.

At the conclusion of its policy meeting, the ECB raised its 2016 growth forecast to 1.7% from 1.6%, but slightly lowered its 2017 forecast from 1.7% to 1.6% at Thursday's meeting.

ECB President Mario Draghi said current monetary policy is effective and the changes to the banks growth forecast are not so substantial as to warrant a decision to act.

The comments came after the central bank left its benchmark interest rate at a record-low 0.0%, in line with market expectations.

Draghi added that interest rates would remain at present or lower levels for an "extended time" so the recovery would not be derailed.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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