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Forex - Aussie gains ahead of retail sales, North Korea incident eyed

3/6/2017, 10:43:17 AMBasics of Trading
Forex - Aussie gains ahead of retail sales, North Korea incident eyed

Investing.com -- The Aussie ticked up in Asia on Monday while the dollar fell against the yen following reports of three ballistic missiles fired by North Korea into the Sea of Japan.

AUD/USD traded at 0.7594, up 0.01%, hile USD/JPY changed hands at 113.89, down 0.14%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted down 0.79% to 101.35.

Ahead on Monday, Australia reports retail sales for January with a 0.4% gain seen month-on-month and Minneapolis Fed President Neel Kashkari speaks later in the U.S.

On Thursday, the European Central Bank meets and will offer fresh cues on the future direction of its stimulus program.

At the weekend, China's Premier Li Keqiang mapped out a cautious economic course for China, setting a modest downshift in growth to let the government rein in swelling financial risks and ensure a smooth changeover in the political leadership this year with a target for the world’s second-largest economy to see GDP gain about 6.5% for 2017, a small recalibration from last year’s range of 6.5% to 7% and not far from actual growth of 6.7% in 2016, the slowest pace in a quarter-century.

Last week, the dollar fell against a basket of the other major currencies on Friday after Federal Reserve Chair Janet Yellen said a rate hike "would likely be appropriate" this month if the economy remains on track.

A rate increase had been largely priced in ahead of Yellen’s remarks following a series of hawkish comments by Fed policymakers earlier in the week, prompting some investors to take profits after a five-day rally in the greenback.

Almost 80% of traders expect a rate hike at the Fed’s March 14-15 policy meeting, compared to just over 60% on Wednesday, according to Investing.com’s Fed rate monitor tool.