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(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)
01:30 Australia New Motor Vehicle Sales (YoY) April 4.4% 2.8%
01:30 Australia New Motor Vehicle Sales (MoM) April 0.5% -1.5%
04:30 Japan Industrial Production (YoY) (Finally) March -2.0% -1.2% -1.7%
04:30 Japan Industrial Production (MoM) (Finally) March -3.1% -0.3% -0.8%
The dollar was moderately higher against the yen in Asia trade Monday, helped by a bout of buying early in the session that ultimately failed to gather wider momentum. The currency market is now awaiting indicators such as U.S. residential construction data Tuesday and the release of Federal Open Market Committee minutes Wednesday.
The New Zealand dollar was weaker late Monday as market participants bet on further rate cuts after the New Zealand government announced a new tax on property investors. Prime Minister John Key said Sunday that the government would force residential-property investors to pay tax when they profit from the sale of a property they have owned for less than two years. Markets interpreted the move as giving New Zealand's central bank further flexibility to cut rates. Economists remain split on whether the central bank will lower rates this year as it tries to balance a rising property market with soft inflation.
EUR/USD: during the Asian session the pair fell to $1.1420
GBP/USD: during the Asian session the pair fell to $1.5705
USD/JPY: during the Asian session the pair rose to Y119.75
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