SINGAPORE - The dollar hovered near 2-week highs against its peers on Tuesday as a slowdown in China's economy to 28-year lows revived investor concerns over global growth and supported safe-haven currencies.
Overnight, the International Monetary Fund cut its 2019 and 2020 global growth forecasts, citing a bigger-than-expected slowdown in China and the Eurozone, and said failure to resolve trade tensions could further destabilize a slowing global economy.
The yen JPY=, another safe-haven currency, was steady against the dollar, fetching 109.64 in early trade.
On the whole, the dollar is also facing indirect pressure from slackening momentum in the global economy which has forced the U.S. Federal Reserve to take a cautious approach on any further interest rate increases.
"We do not see the Federal Reserve raising rates this year which should lead to weakness in the dollar. We also think the dollar is overbought and over-valued on fundamental metrics," said Jason Wong, senior markets strategist at BNZ markets.
The Australian dollar AUD= was marginally lower at $0.7157, after holding up in the face of the weak growth numbers from the nation's largest trading partner China.
AUD/JPY picks up the bids inside the bullish pattern. 200-HMA offers strong support, 75.50 adds to the upside barriers. AUD/JPY rises to 75.17, up 0.25% intraday, during the initial hour of Monday’s Asian trading. In doing so, the pair takes the bids inside the bullish flag on the hourly chart. The AUD/JPY pair is the abbreviated term used for the Australian dollar and Japanese Yen, nicknamed as "Aussie Yen". Before we get into the particulars, what exactly does AUD/JPY rate mean? The exchange rate tells you how many Canadian dollars (quote currency) are required to purchase one Australian dollar (base currency). For example, if the ... AUD/JPY takes the bids near 75.36 as market optimism concerning the US elections propels risk barometers during Wednesday’s Asian session. The pair re AUD/JPY drops to 75.24, down 0.13% intraday, during the initial hours of Thursday’s Asian session. The pair recently weighed down by the dovish comments of RBA Governor Philip Lowe. In doing so, the quote stays heavy below the 100-bar SMA. Read: RBA Lowe: Cash rate not expected to be raised for at least 3-years AUD/JPY IG Client Sentiment: Our data shows traders are now net-long AUD/JPY for the first time since Oct 01, 2020 when AUD/JPY traded near 75.83. 2020-10-19 02:23:00 AUD/JPY drops to 75.24, down 0.13% intraday, during the initial hours of Thursday’s Asian session. The pair recently weighed down by the dovish commen AUD JPY (Australian Dollar / Japanese Yen) This pair is the Australian Dollar against the Japanese Yen. In regards to U.S. equities on a short to medium term basis, it is often one of the most highly correlated pairs to price action. The pair tends to decline is a risk off approach and rise in a low risk environment on carry flows. News. Products. Chart Pine Script Stock Screener Forex ...
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