- The Japanese yen had a busy week with a raft of data released. The yen held its position on Monday, despite the release of weaker than expected economic growth last quarter – with the economy only growing by 0.6%. The Japanese yen gained on Wednesday following the central bank’s decision to hold policy steady, with the Asian market gearing up for Chinese New Year. Thursday was another positive day for the Japanese currency as better-than-expected export figures boosted the yen’s current position.
- The Australian dollar jumped on Tuesday, following on from the Reserve Bank of Australia (RBA)’s latest meeting, where it said that it cut rates due to the deteriorating economic outlook. The RBA shocked markets earlier in the month when it decided to lower its benchmark interest rate to a new record low of 2.25%.
- The New Zealand dollar had a solid start to the week on Monday, as better than expected retail sales gave the currency a much needed boost. The New Zealand dollar rose to new one-month highs against its US counterpart yesterday following the news that the US Federal Reserve may keep interest rates on hold for longer than had initially been expected.
Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.