Yen weak ahead of BOJ, Aussie up after GDP data

September 4, 2013

The Australian dollar extended gains on Wednesday after the release of GDP data showed Australia grew 0.6 percent in the second quarter, in line with expectations and higher than the previous quarter. 

AUDUSD climbed to a session high of 91.04 U.S. cents, up 2.4 percent since yesterday when the Aussie also gained after the Reserve Bank of Australia left interest rates unchanged at a record low and omitted mention of further scope to ease policy.

Other currencies barely showed any significant movement today, holding close to the precious day’s levels, with most in tight ranges.

The yen remains weak, with USDJPY rising back up closer to yesterday’s levels , and peaking at 99.76 yen today, climbing from the session open of 99.54.

The upcoming Bank of Japan meeting is weighing on the yen, as investors are reluctant to buy any yen ahead of risk that the BOJ will announce more monetary easing measures.

Ever since the BOJ has begun implementing such stimulus measures to boost the Japanese economy this year, the yen has weakened considerably.

Euro moved very little ahead of a key European Central Bank meeting on Thursday, with caution on what ECB Chief Mario Draghi could say. EURUSD stayed between $1.3161 and $1.3175

Sterling was held down also as focus is on UK Services PMI data later today. Also the Bank of England policy decision tomorrow will be closely watched. GBPUSD was in a holding pattern between $1.5552 and $1.5566. 

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