The dollar held gains against its peers on Wednesday, buoyed by better-than-expe...
TOKYO - The dollar held gains against its peers on Wednesday, buoyed by better-than-expected data, while the Aussie took a knock after Australia’s economic growth slowed last quarter.
Economic growth came in at a disappointing 0.2 percent in the fourth quarter, below an expected 0.3 percent, an outcome sure to keep the Reserve Bank of Australia on heightened watch after it abandoned its long-held tightening bias last month.“Given that many forecasters were on 0.2 percent for fourth-quarter GDP , the price action on the Australian dollar is worrying,” said Sean Callow, senior currency strategist at Westpac in Sydney.
Its sharp losses spread to the New Zealand dollar, with the kiwi last down half a percent at $0.6764. Sterling was off 0.3 percent on the day at $1.3142 putting its losses at 0.8 percent so far this week as traders took profit from last week’s surge, when the pound hit its highest since July 9 last year.
“While we know Mario Draghi is the master of suppressing volatility and promoting a weaker euro, the bar is so high for a dovish surprise that even he may struggle to out-dove this market,” he wrote in a note.
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