Aussie Dollar Slumps Near April Lows Amid US-Japan Yen Intervention
The Australian dollar extended its decline against the yen to a fifth consecutive session, falling to its weakest since early April after reports of joint US-Japan currency intervention lifted the Japanese currency.
The AUD/JPY cross turned lower for the fifth straight day on Tuesday, erasing a brief Monday recovery to the 111.20 region. During Asian trading, the pair dropped to its lowest level since early April.
Pressure came from a sharply stronger yen, which rallied amid reports that US and Japanese authorities conducted joint intervention to support the currency. Officials have not confirmed the action, but market chatter persisted.
The Australian dollar also held near multi-month lows against the greenback, with the broader risk-off tone and a hawkish Federal Reserve weighing on the Aussie. Traders now eye upcoming Australian inflation data for near-term direction.
Source: FXStreet Forex News