020 7898 0500Elsewhere yesterday, following an advance in global stocks and a boost of confidence in the marketplace, we saw the Japanese yen lose ground against the majority of its most-traded peers. The traditionally safe-haven yen was vulnerable to the market conditions as traders sold off the currency and sought riskier, higher-yielding assets. The Australian dollar struggled, dropping off on Sunday night into Monday morning following another underwhelming set of inflation figures from China. China’s economic health has a direct impact on that of Australia’s, with China being the primary export destination for the commodity-reliant Antipodean nation. As such, negative data out of China drags down the Australian currency. The Canadian dollar also had a tough day amid speculation that the US Federal Reserve will begin tapering monetary policy as early as next week. Overnight last night we had business confidence data out of Australia. Get in touch with your trader for live market rates.
