This week was a difficult one for China, as its stock market struggled on Monday; signs of investors leaving stocks dwarfed the central bank’s effort to spur confidence with an interest rate cut. Additionally, manufacturing purchase managers’ index data released this week dropped slightly against expectations.
On the flip side, the Japanese Yen was inspired by growth in retail sales data – encouraging investors to flock to the currency. Even with the average cash earning dropping, the Japanese currency was still able to continue its strength against the majority of its peers.
Negative Australian retail sales figures released overnight saw further weakness for the Australian dollar, which has continued to weaken this week thanks to negative comments from the Reserve Bank of Australia.
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