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Aussie Gains In Asia On Upbeat Views Of China Growth

1/3/2018, 11:16:13 AMTrading Strategies
Aussie Gains In Asia On Upbeat Views Of China Growth

The Aussie gained in Asia on Wednesday as regional sentiment stayed upbeat on the China growth outlook for 2018 in an otherwise light data day.

AUD/USD rose 0.05% to 0.7834, while USD/JPY changed hands at 112.23, down 0.04%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted down 0.47% to 91.56.

Overnight, the dollar fell to more than three-month lows against a basket of major currencies on Tuesday as traders awaited key economic data releases slated for this week.

The greenback made a subdued to start to the trading year, falling to more than three month lows amid a lack of top-tier economic data and lower trading volumes.

The minutes of the Federal Reserve December meeting and non-farm payrolls data slated for later this week, however, are expected to get the trading year underway in earnest as traders look for clues on monetary policy and the progress of the labor market, respectively.

Goldman Sachs (NYSE:GS) recently said it expects the trend of falling unemployment to continue, forecasting unemployment in 2018 to fall to 3.5% below the April 2000 low of 3.8%.

Also adding to dollar weakness was a rise in the pound and euro as both currencies picked up from where they left off in 2017, adding to gains against the greenback.

The euro's bullish start to the year comes amid recent hawkish monetary policy comments from European Central Bank Executive Board member Benoit Coeure.

"... given what we see in the economy, I believe that there is a reasonable chance that the extension of our asset purchase program decided in October can be the last," Coure said.