Australia dollar weaker after downbeat Westpac sentiment survey

10/12/2014 06:37 AST

The Australian dollar held weaker on Wednesday as a consumer sentiment survey showed a downbeat outlook.

AUD/USD traded at 0.8288, down 0.07%, while USD/JPY changed hands at 119.58, down 0.08%.

In Australia, Westpac said its consumer sentiment survey dropped 5.7% to 91.1 , which was followed by a 0.3% gain in October housing finance.

In Japan, corporate goods prices for November rose 2.7%.

Overnight, the dollar was sharply lower against the yen and a basket of other major currencies on Tuesday as risk from political instability in Greece and new restrictions on China’s debt markets bolstered demand for the traditional safe haven yen.

Market sentiment was also hard hit by a Chinese government decision to set new restrictions on collateral for short-term loans. The decision fuelled fears that China’s economy is slowing at a faster rate than anticipated.

Last week’s strong U.S. jobs report for November prompted investors to bring forward expectations for the first hike in interest rates to mid-2015 from September 2015 ahead of the report.

The dollar received a boost earlier Tuesday after the Wall Street Journal reported that Fed officials are looking at dropping an assurance that interest rates will stay low for a "considerable time", in its statement, following its upcoming policy meeting next week.

The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.001 to 88.73.


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