On Tuesday, the evergreen buck hit one-month minimum against the Japanese yen, staying on the defensive after recent American economic data were seen likely to restrict the prospects of a near-term Fed interest rate lift.    

The dollar tumbled 0.8% to 100.43 yen and hit a minimum of 100.355 yen at one point, the dollar’s lowest reading against the yen in more than a month.

It feels like there’s a broad acceleration in greenback-selling momentum.

Against a basket of six key currencies, the major American currency sagged 0.2%, hitting 95.417.

As for the common currency, it rose 0.1%, getting to $1.1195. Against the Japanese yen, the euro slumped 0.7% to 112.45 yen.

The greenback has rebounded against the Japanese yen and the common currency after weaker-than-expected July retail sales were observed likely to delay a Fed rate lift.

The markets will wait for American data later in the day including housing starts, consumer prices as well as industrial output for another chance to estimate the health of the economy.

Aussie holds narrow revenues after RBA board views on inflation

The Australian dollar held revenues during Asia trade after Australia major bank minutes noted uncertainty in inflation predictions as market participants kept monitoring policy moves by regional major banks.   

The currency pair AUD/USD traded at 0.7677, showing a 0.05% rise, while USD/JPY traded at 101.03, tumbling 0.22%.

The US dollar index, measuring the greenback’s strength against a trade-weighted basket of six currencies, sank 0.03%, trading at 95.55.

Overnight, the evergreen buck sagged on Monday as a rash of subdued economic data in Asia backed the possibility for further stimulus measures from major banks, applying downside pressure on the volatile greenback.

On Monday, traders kept monitoring global major bank activity closely ahead of next week's Jackson Hole Summit for major bankers in Wyoming.

Meanwhile, the Nikkei dropped 0.3% amid subdued economic growth in Japan during the three-month period through June, driving concerns that further stimulus plans could be forthcoming right before the end of the year.

Bazooka

Published in Forex

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