Precise Investors Editorial Team
The Australian dollar’s AUD/USD pair edged up 0.1 per cent, the yuan’s onshore pair USD/CNY added 0.3 per cent, while the Singapore dollar’s USD/SGD ticked 0.1 per cent higher
Asian currencies steadied on Monday after slipping in the previous trading session, while escalating tensions in the Gulf kept risk appetite in check.
Currencies were mixed in early Asian trade.
The yen’s USD/JPY pair traded flat at 160.31 yen on Monday — its highest since April end — when Japanese authorities intervened in the foreign exchange market.
Investors also assessed revised Japanese economic growth figures, which showed the economy expanded at a slower pace than initially estimated in the first quarter. Revised data indicated Japan’s gross domestic product grew at an annualized rate of 1.8 per cent, compared with a preliminary estimate of 2.1 per cent.
The won’s USD/KRW pair dropped 0.8 per cent on Monday after jumping to its highest level in 17 years on Friday.
The Australian dollar’s AUD/USD pair edged up 0.1 per cent. It declined to a near two-month low on Friday.
The yuan’s onshore pair USD/CNY added 0.3 per cent, while the Singapore dollar’s USD/SGD ticked 0.1 per cent higher.
The Indian rupee’s USD/INR pair also advanced 0.3 per cent.
Elsewhere, the US Dollar Index was muted near a two-month high during Asian hours after climbing 0.7 per cent on Friday. US Dollar Index Futures also traded flat.
Friday’s payrolls report showed the U.S. economy added 172,000 jobs in May, well above market expectations, reinforcing views that the country’s central bank could keep monetary policy tighter for longer.
Markets have increased bets on a central bank rate hike later this year, with traders now assigning a higher probability to a move by December.
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