Forex in Asia-Pacific rocked
The currencies of Asia-Pacific have ended up at a lower positions by the end of last week’s trading. The state of each currency has been dictated by different factors.
Despite finishing thee sessions with gains, the Australian Dollar has endured big losses during one single session and ended up lower than the week before. The currency has been reinforced by the news concerning China. The latest data showed, that Chinese exports and imports have not been impacted by the pandemic as hard as previously expected. Nevertheless, Chinese GDP has still been reduced by 6.8% in Q1.
Trade has also been influenced by the data concerning unemployment rates in Australia. According to the latest report, employment has actually gone up in March. Yet the authorities have warned, that the report only covers the first half of the month, before the national lockdown. AUD/USD has ended up at 0.6363.
The New Zealand Dollar has tumbled down in the middle of the last week. The country has been heavily impacted by the coronavirus, and the latest actions of the national Reserve Bank prove that the situation is dangerous. The institution has reduced its cash rate down to 0.25% and is not ruling out the possibility of the negative interest rates. NZD/USD has ended up at 0.6034.
Meanwhile the yen has gone up by a significant amount. Following two relatively flat weeks. The currency has been boosted by the positive trade data. USD/JPY ended up at 107.554.