(MENAFN– ecpulse)
The dollar rose against the yen on Tuesday as concerns over U.S. military intervention against Syria eased while minutes of the Bank of Japan’s August meeting released today showed policy makers agreed monetary easing was taking effect.
Minutes of the Bank of Japan`s August policy-setting meeting released on Tuesday showed many members believed the central bank`s bond purchases were putting downward pressure on yields and consumer-price expectations have turned favorable.
The USDJPY pair is currently trading near ¥100.281 after opening at ¥99.6560. The pair has so far set a session high at ¥100.321 and low at ¥99.469.
The euro eased on Tuesday after reports showed that the recession in Italy, Eurozone’s third largest economy, is deeper than had been previously thought.
The economy contracted by 0.3 percent in the second quarter, worse than the initial estimate of a 0.2 percent contraction, bringing the annualized rate of contraction to 2.1 percent from the initial estimate for a 2 percent contraction.
The EURUSD pair is currently trading at $1.32455, from an opening at $1.32532, after hitting a high of $1.32750, and a low of $1.32345.
Australia’s dollar advanced to the strongest in six weeks as Chinese data added to signs of a recovery in the South Pacific nation’s largest trading partner.
Reports on industrial production and retail sales from China released earlier in the day showed signs of recovery in the world’s second largest economy. Chinese retail sales rose unexpectedly in August, while Chinese industrial production rose more than forecast last month.
The National Bureau of Statistics said factory production in China increased 10.4 percent last month from a year earlier. Retail sales advanced 13.4 percent after July’s 13.2 percent increase.
The Aussie extended gains against its U.S. counterpart Tuesday where the AUDUSD pair rose to 0.92847 after recording an intraday high of 0.92883 and low of 0.92166 compared with the opening today at 0.92263.
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