© Reuters.
Investing.com– Most Asian currencies rose slightly on Wednesday as weak U.S. labor data spurred continued bets on early interest rate cuts by the Federal Reserve, helping investors look past persistent concerns over China’s economy.
showed U.S. job openings declined in October, pushing up hopes for a prolonged cooling in the labor market which could limit the space the Fed has to keep rates higher for longer.
The reading pulled down Treasury yields, and comes just a few days before closely-watched data.
Optimism over a less hawkish Fed helped most Asian currencies clock some gains on Wednesday. The and rose 0.1% each, while the steadied after marking a sharp recovery against the dollar in recent sessions.
The jumped 0.7%, recovering from two days of steep losses even as data showed Australia’s in the third quarter, hit chiefly by declining export demand in China. But local demand and spending remained robust.
A less hawkish Reserve Bank was the key source of pressure on the Australian dollar, after the bank on Tuesday and flagged a largely data-driven approach to future hikes.
The remained an outlier among its peers, hovering around record lows…
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