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Forex - Australian dollar weakens further in Asia, yen also down

Published 10/07/2014, 10:15 PM
Updated 10/07/2014, 10:16 PM
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Investing.com - The Japanese yen eased and the Australian dollar fell in Asia on Wednesday with China markets back on the scene after a week-long holiday.

USD/JPY traded at 108.24, up 0.09%, while AUD/USD changed hands at 0.8797, down 0.18%.

China's markets re-opened with the release of the HSBC China services PMI for September came in at 53.5, down from 54.1 in August.

Japan posted a trade deficit of ¥768.24 billion in the first 20 days of September, down 23.3% from the ¥1.002 trillion deficit in the year-earlier period, according to the finance ministry.

At 1400 (0500 GMT), Japan's September Economy Watchers' Survey and the BoJ's October economic report are due.

Overnight, the dollar was steady against a basket of other major currencies after the International Monetary Fund cut its forecast for global growth for 2014 and 2015 and warned that the global recovery is weak and uneven.

The US Dollar Index, which tracks the performance of the greenback against a basket of six major currencies, was up 0.14% to 85.89.

The IMF is now forecasting global economic growth of 3.3% this year, down from 3.4% in July and expects growth of 3.8% in 2015, compared to an earlier prediction of 4.0%.

The fund said Europe was experiencing a "multispeed recovery" and revised down its growth forecasts for Germany, France and Italy saying progress was still "slow and tentative" in many countries.

Japan received the largest downgrade of any country, with growth for this year now expected to be 0.9%, in part due to the effects of a sales tax increase in April.

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