Australian dollar gains after election surprise, yen slips
Monday, 20 May 2019 08:36 WIB | CURRENCIES |AussieDolar Australia,

The Australian dollar got a boost against the greenback on Monday following a surprise election victory by the country's conservative government, while the yen dipped slightly on a recovery in market sentiment.

The dollar index against a basket of six currencies was largely steady at 97.970, having booked its biggest weekly rise since early March last week.

The Aussie was the big mover early in Asia and was last up half a percent at $0.6904, having bounced from a four-month trough of $0.6865. It was briefly quoted as high as $0.6990 but dealers said that was a miss-hit and the true dealt peak was $0.6938.

The Aussie also found support on a statement from China's central bank on Sunday that it would maintain the stability of its yuan within a reasonable and balanced range.

Against the yen, the dollar gained 0.1% to 110.195, building on last week's gains, when it booked its first weekly gain against the Japanese currency in five weeks.

The yen dipped on a broad improvement of risk appetite among investors. Data showed the Japanese economy was stronger than expected in the last quarter.

Japan's economy grew at an annualized rate of 2.1%, government data showed, accelerating slightly from the previous quarter's growth backed by net export gains.

The preliminary reading for first-quarter gross domestic product compared with the median estimate of a 0.2% annualized contraction in a Reuters poll of economists.

The euro was a shade higher at $1.1161, recovering slightly after dropping last week on comments from Italian Deputy Prime Minister Matteo Salvini that European Union rules harm his country.

Investors' focus this week is on the May 23-26 elections for the new European Parliament.

Source: Reuters

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