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Aussie Weaker In Early Asia Ahead Of RBA Minutes

2017-11-21 10:01:32Market Analysis
Aussie Weaker In Early Asia Ahead Of RBA Minutes

The Aussie held weaker in early Asia on Tuesday with central bank minutes ahead in an otherwise light regional data day.

AUD/USD traded at 0.7549, down o,o2%, while USD/JPY changed hands at 112.64, up 0.55%.

In Australia, RBA meeting minutes from the November review are due.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted up 0.39% to 94.00.

Overnight, the dollar rose sharply against a basket of major currencies on Monday, benefitting from a slump in the euro amid growing political uncertainty in Germany after Chancellor Angela Merkel failed to form a three-way coalition.

Political uncertainty swept across Germany on Monday, weighing on the euro, after talks to form the country's next government collapsed overnight, raising questions about the future leadership position of Angela Merkel.

The slump in the euro pushed the dollar to a nearly one-week high against its rivals but gains were capped by an uptick in sterling amid fading Brexit woes.

GBP/USD rose on reports that the British government was set to make the European Union an improved offer for the final financial divorce settlement.

The reports sparked investor hopes that Brexit proceedings can finally progress onto more pressing issues such as future trading terms as disagreements between the UK and EU on the so-called EU divorce bill was said to be one of the main factors contributing to the recent deadlock in Brexit negotiations.