Tuesday, 02 January 2024 12:17 GMT

Australian Dollar, Japanese Yen Gain, Asian Stocks More Mixed


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The Japanese Yen and Australian Dollar got a lift from domestic factors in Tuesday's trading session.

A fairly modest the Bank of Japan saw the Japanese Yen climbing against most rivals. This wasn't easily explicable. On the most basic level the BoJ had withdrawn some of its economic stimulus but it's very doubtful that that had been its aim or that broad monetary policy has changed in any way. Still, the Yen reacted. The Aussie's gains were more straightforward. They came in response to a blockbuster set of which blew forecasts away. It's worth bearing in mind that this can be a highly volatile series but, all the same, it looks as though Australian construction companies had plenty of work on their books as the old year faded out.

The lost some steam against the Dollar and was probably hit even harder than the greenback by the Yen's gains.

Asian stocks were mixed in a session which saw no huge moves either way. News that North and South Korea had started talks was greeted with bullish approval, but the Kospi failed to hold its gains. The Nikkei added 0.6% with the up by 0.1%. inched down, reportedly as investors looked to more US rate hikes this year, while prices rose to their highest levels since 2015. Markets saw bets on further price rises thanks to production cuts and a reduction in operating US drilling rigs.

The rest of the session is not replete with economic numbers but data watchers will await Eurozone employment and Canadian housing starts.

--- Written by David Cottle, DailyFX Research

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