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Yen gains on Korea tensions, Aussie dips ahead of China CPI

8/9/2017, 10:32:32 AMTrading Strategies
Yen gains on Korea tensions, Aussie dips ahead of China CPI

The Aussie fell further on Wednesday and the yen gained as tensions on the Korean peninsula heightened and the market poised for more China data, this time on prices.

AUD/USD traded at 0.7884, down 0.37%, while USD/JPY changed hands at 110.13, down 0.19%.

In Australia, home loans data is due for June with a 1.5% gain expected. Later, China reports consumer and producer prices for July with CPI seen up 0.2% on month and 1.5% on year. PPI is seen up 5.6%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.05% to 95.53.

North Korea said it is considering plans for a missile strike on the U.S. Pacific territory of Guam.The strike plan would be put into practice at any moment once leader Kim Jong Un makes a decision, a spokesman for the Korean People's Army (KPA) said in a statement carried by the North's state-run KCNA news agency.

Overnight, the dollar traded higher against a basket of global currencies on Tuesday, after data showed U.S. job openings soared to a record high in June.

The dollar shrugged off earlier weakness to hit nearly two-week highs, after U.S. job openings, a measure of labor demand, increased 461,000 to a seasonally adjusted 6.2 million, the highest level since the series started in December 2000, the Labor Department said on Tuesday.

The bullish labor report reinforced the narrative of a solid U.S. labor market, following Friday’s better-than-expected nonfarm payrolls report, pointing to a stronger U.S. economy, bolstering the case for Federal Reserve to raise rates later this year.

St. Louis Fed President James Bullard suggested, however, that low interest rates are “likely to remain appropriate” over the near term.

"The current level of the policy rate is likely to remain appropriate over the near term," Bullard said Monday.