(MENAFN– ecpulse)
The Japanese yen rallied against major currencies in early trading hours Thursday, although economic data showed relative weakness in Japanese trade. The Bank of Japan refrained from expanding stimulus measures holding rates unchanged and maintaining the pledge to expand the monetary base to 70 trillion yen per year.
The yen extended gains against majors since beginning of this week and the BOJ rate decision came to support the yen`s positive moves. The BOJ decided to wait and monitor markets at the current stage, before adding new stimulus.
As for the Australian dollar, it gained against the dollar and other major currencies today after positive data released from China showing improving exports in July. China is Australia`s main trade partner and Aussie gained on the data and we may see further gains in the coming sessions.
AUD/USD pair rose to the highest this week recording 0.9088, after it kick started today`s session at 0.9002. AUD/JPY pair gained to record a high of 87.84.
The euro also gained against the US dollar reaching the highest this week at 1.3351, while the GBP/USD pair hovers near a seven-week high at 1.5506 supported by BoE’s pledge to extend support to the economy if needed and the new monetary guidance to tie rates to unemployment at 7.0% threshold.
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