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Yen Gains, Australian Dollar Drops on Dampened Sentiment

Yen Gains, Australian Dollar Drops on Dampened Sentiment

A reduction in risk appetites lifted the Japanese yen on Wednesday while the Australian dollar was under pressure, as investors await the U.S. consumer inflation data set to be released today.

The Aussie slid 0.6 percent against the greenback to $0.7587, near its lowest levels since July. Against the Japanese currency, it lost 0.8 percent to 85.81 yen after dropping as far as 85.67, its lowest since mid-August.

Latest data showed that Australian wages increased by only 0.5 percent in the third quarter and 2.0 percent for 2017, falling short of 0.7 percent and 2.2 percent respectively and challenging the Reserve Bank of Australia's view that wages would pick up.

The euro remained near its 2-½ week peaks, acquiring a boost from recent strong German economic data.

The single currency slipped marginally to $1.797 after rising over one percent during the session earlier. The euro pulled back from a 3-½ month low of $1.1533 notched the previous week.

The dollar index was steady on the day at 93.812, wavering at its lowest levels since late October and below its overnight peak of 94.542.

The greenback fell against the yen by 0.3 percent to 113.15, notching its lowest levels since late October and retreating from an eight-month peak of 114.735 reached the previous week.

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