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The Aussie Loses Ground Against Yen Ahead of RBA's Policy Meeting

Jun, 06th 01:52

The Australian dollar reversed lower against the Japanese Yen on Tuesday ahead of the latest rate review from the Reserve Bank of Australia while Asian shares traded lower causing investors to flock into safe-haven assets.

The currency pair AUDJPY lost 0.75 percent in Asian morning session to trade around 82.050. The RBA is scheduled to release its latest interest rate decision later in the day with markets forecasting no changes to the central bank’s record low interest rate of 1.50%. Data on Australia’s current account will also be published. Analysts expect a surplus of A$100 million for the first quarter.

Meanwhile, Asian stocks retreated following a drop in U.S. equities overnight. At the close in NYSE, all three major U.S. stock benchmarks lost at least 0.1 percent on the back of downbeat economic data and a slump in Apple shares following a rare downgrade. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.2 percent in early trade, retreating from a two-year high hit on Monday.

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