The Australian dollar fell further after third quarter gross domestic product data came in weaker than forecast, highlighting chances of further rate cuts by the Reserve Bank of Australia as it focuses on shifting the economy to services-led growth as a boom in resources investment gets set to wane.
AUD/USD traded at 0.9076, down 0.66%, after the data that showed a gain of 0.6% for the quarter compared to a forecast of +0.8% quarter on quarter. On Tuesday, the Reserve Bank of Australia decided to leave rates unchanged at 2.5% on Tuesday in a widely expected decision that said the exchange rate remained "uncomfortably high."
In the third quarter GDP data, terms of trade fell 3.3% in Q3, the biggest drop in four quarters.
The third quarter outcome may also be weaker than the RBA forecast for the economy to grow a "bit below trend." The annual growth figure of 2.3% year would be well below what is assumed to be the central bank's trend growth range of 2.7% to 3.0% for the coming year.
USD/JPY traded at 102.58, up 0.05%, reversing early trade on some expectations of further monetary easing steps by the Bank of Japan.
Overnight, profit taking sent the dollar falling against most major currencies as investors waited on the sidelines for the release of the November jobs report on Friday.
U.S. monetary authorities have said they'll pay close attention to data, especially out of the labor market, before deciding when to scale back bond purchases.
Elsewhere, better-than-expected data out of the Spanish labor market weakened the dollar further by bolstering the euro.
Spain reported that the number of unemployed individuals in the country declined by 2,500 in November, defying more pessimistic consensus forecasts calling for an increase of 44,300 and much better than October's 87,000 increase.
EUR/USD traded at 1.3587, down 0.01%, in Asia.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.02% at 80.64.
On Wednesday, the U.S. is to release the ADP report on private-sector job creation, while the Institute of Supply Management is to release its service-sector purchasing managers' index. The U.S is also to publish data on new home sales and data on its trade balance.
AUD/USD traded at 0.9076, down 0.66%, after the data that showed a gain of 0.6% for the quarter compared to a forecast of +0.8% quarter on quarter. On Tuesday, the Reserve Bank of Australia decided to leave rates unchanged at 2.5% on Tuesday in a widely expected decision that said the exchange rate remained "uncomfortably high."
In the third quarter GDP data, terms of trade fell 3.3% in Q3, the biggest drop in four quarters.
The third quarter outcome may also be weaker than the RBA forecast for the economy to grow a "bit below trend." The annual growth figure of 2.3% year would be well below what is assumed to be the central bank's trend growth range of 2.7% to 3.0% for the coming year.
USD/JPY traded at 102.58, up 0.05%, reversing early trade on some expectations of further monetary easing steps by the Bank of Japan.
Overnight, profit taking sent the dollar falling against most major currencies as investors waited on the sidelines for the release of the November jobs report on Friday.
U.S. monetary authorities have said they'll pay close attention to data, especially out of the labor market, before deciding when to scale back bond purchases.
Elsewhere, better-than-expected data out of the Spanish labor market weakened the dollar further by bolstering the euro.
Spain reported that the number of unemployed individuals in the country declined by 2,500 in November, defying more pessimistic consensus forecasts calling for an increase of 44,300 and much better than October's 87,000 increase.
EUR/USD traded at 1.3587, down 0.01%, in Asia.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.02% at 80.64.
On Wednesday, the U.S. is to release the ADP report on private-sector job creation, while the Institute of Supply Management is to release its service-sector purchasing managers' index. The U.S is also to publish data on new home sales and data on its trade balance.