Australian Dollar remains stronger against Japanese Yen following Trade Balance data
AUD/JPY halts its seven-day losing streak, trading around 109.80 during Asian hours on Thursday. The currency cross remains stronger as the Australian Dollar (AUD) holds gains following the release of domestic Trade Balance data.
The Australian Dollar (AUD) maintained its strength against the Japanese Yen (JPY) following the release of August Trade Balance data. The Australian Trade Surplus narrowed in August to A$495 million compared to a revised A$1,351 million in July. While Australia's exports increased by 3.7% month-over-month, imports rose by 5.8%, marking a shift from the previous month's decline.
In contrast, Japan's business sentiment showed a slight improvement in the Bank of Japan's Q3 Tankan survey, but the Large Manufacturing Index fell short of market expectations. Meanwhile, some Bank of Japan members believe a closer policy approach to the target rate is necessary. The yen has been performing well in the G10 currency market, and potential official intervention in Japan has deterred investors from rebuilding short Yen positions.
AUD/JPY traded around 109.80 during Asian hours on Thursday, marking a halt to a seven-day losing streak.
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