USD remains under pressure; aussie jumps after RBA

The US dollar remains under pressure against the safe-haven yen ever since Federal Reserve Chair Janet Yellen last week expressed caution towards hiking interest rates.

The dollar was down 0.5 percent at 110.77 yen. A slide below 110.65 yen would take the currency to its lowest since October 2014.

The euro was up 0.1 percent at $1.1400, hovering within distance of a 5-1/2-month peak of $1.1438 scaled last week.

The greenback performed better against the Aussie, ahead of the Reserve Bank of Australia policy meeting today. The Australian currency was down 0.4 per cent at $0.7573, with data this morning showing the nation’s services sector swung back into contractionary territory in March and the trade deficit widened in February. AUDUSD surged to $0.7630 right after the RBA announcement at 4:30am GMT. Rates were held at 2% as expected.

Oil prices were down again in Asia, as investors continued to digest comments on Friday by Saudi Arabia’s crown prince that cast doubt on an output freeze by major producers. Brent crude, the international benchmark, was down 0.5 per cent at $37.52 a barrel, while West Texas Intermediate, the US marker, was down 0.7 per cent at $35.47. Prices fell 2.5 per cent and 3 per cent, respectively, on Monday.

The post USD remains under pressure; aussie jumps after RBA appeared first on FXTM Blog.

Source:: USD remains under pressure; aussie jumps after RBA

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