Major currencies tread water ahead of euro zone, China data
TOKYO - The dollar edged up against a basket of its key rivals on Tuesday with investors erring on the side of caution as they looked for more concrete signs of stabilization in the global economy.
The Reserve Bank of Australia believes a cut in interest rates would be “appropriate” should inflation stay low and unemployment trend higher, the central bank’s April board meeting minutes showed, though members were of the view that there was still no strong case for a move in the near term. “The RBA minutes made clear that a policy change was not a live option in April,” he said. “But the way to an August rate cut is clear, if the weak GDP versus strong jobs conundrum is resolved through a higher unemployment rate.”
The data includes Germany’s ZEW economic index for April, due around 0900 GMT, and China’s gross domestic product set for Wednesday, which is expected to offer more insight on the health of the world’s second-largest economy. Chinese exports and credit data last week signaled some stabilization in broad economic conditions in a relief to investors worried about the global growth outlook.
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