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Yen surges after solid gains in wages data

During Asia trade, the Japanese yen soared on Tuesday, following upbeat wages data. Market participants were waiting for more clarity on the direction of US interest rates.  

The Japanese currency traded at 111.12, showing a 0.20% decrease, while the Australian dollar hung around 0.7594, a 0.16% sag.   

Japan officially reported a 0.9% leap in February’s average cash earnings year-on-year, a 0.2% surge. Meanwhile, overtime pay grew 0.40%, which appeared to be a decent improvement, especially compared to a 1.3% year-on-year sag.     

Additionally, in Australia February’s trade balance has found itself at a deficit of up to A$2.6 billion, which is much narrower compared to the gap of about A$2.937 billion for the previous month.

Additionally, the NZIER business confidence index in New Zealand dropped from 15% to 2% for the first time.  

The US dollar index, measuring the evergreen buck’s strength against six key currencies, demonstrated 94.56 or a 0.03% descend.  

The greenback held steady against other key major currencies overnight on Monday, when data unveiled that February’s American factory orders edged down.  

   

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