TOKYO (Reuters) – Major currencies remained confined to well-trodden ranges on Tuesday, as markets look next to European and Chinese data for more evidence that the worst may be over for the global economy.
The yen remained close to 2019 lows against the U.S. and Australian dollars after investors reduced exposure to the safe-haven currency to seek higher yields elsewhere.
Currency - Units - Highs - March - Masafumi
The Japanese currency has fallen against both units after rising to recent highs in late March, said Masafumi Yamamoto, chief currency strategist at Mizuho Securities.
“That’s probably because the market’s concern about the global economy is easing and also the U.S.-China trade war will not intensify further,” he said.
Dollar - Yen - Average - Session
The dollar was unchanged at 112.00 yen, holding above its 200-day moving average for the fourth straight session.
It traded less than a sixth of a percent off the year’s high of 112.135 yen hit in early March.
Aussie - Yen - Average - Session - Level
The Aussie was basically flat at 80.35 yen, also trading above its 200-day moving average, for the third session, after last breaching the key technical level in December last year.
The data in focus includes Germany’s ZEW economic index for April, due around 0900 GMT, and China’s gross domestic product set for Wednesday, which is expected to offer more insight on the health of the world’s second-largest economy. Chinese exports and credit data last week signaled some stabilization, prompting...
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