Foreign exchange - Yen weaker, Aussie almost flat forward of China commerce knowledge

Yen weaker ahead of China trade

Investing.com – The yen weakened in early Asia on Wednesday with the Aussie holding nearly flat as investors await trade data from China.

changed hands at 117.85, up 0.16%, while traded at 0.6988, up 0.01%.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, eased 0.03% to 99.00.

Ahead, China reports December , and the for December year-on-year. Exports are seen down 8%, imports are seen to have declined 11.5% and the trade balance is expected at a $ 53 billion surplus.

Overnight, the dollar held onto gains against the other major currencies in quiet trade on Tuesday, as ongoing concerns over volatility in China and declining oil prices continued to dominate sentiment.

prices fell to fresh 12-year lows on Tuesday amid concerns that slowing global demand is fueling a massive supply glut. Late Wednesday, the American Petroleum Institute said fell by 3.9 million barrels last week, while gained 3.7 million barrels and jumped 7 million barrels. On the New York Mercantile Exchange, WTI crude for February delivery slumped 1.02% to $ 30.69 a barrel in early Asian trade.

Investors also remained concerned over the extent of the economic slowdown in China, following a steep selloff in Chinese stocks and a renewed devaluation in the yuan since the start of the year.

Shares in China closed higher on Tuesday, after Beijing stepped up measures to support the yuan. China’s central bank guided the yuan higher for a third day, but uncertainty over Beijing’s currency policy persisted.

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Foreign exchange - Yen weaker, Aussie almost flat forward of China commerce knowledge