TOKYO : The yen was restrained while the risk-sensitive Australian dollar held firm on Wednesday on the back of a solid commodity market and a positive risk mood from upbeat U.S. economic data and upbeat corporate earnings.
"After the pandemic, the dollar became the ultimate safe-haven currency but recently the yen's beta to stock prices is becoming stronger than the dollar's," said Shinichiro Kadota, senior FX strategist at Barclays. The European Central Bank, which holds its own policy meeting on Thursday, is also expected to be slow in tightening its policy, keeping the euro in check.On the other hand, a rally in risk assets such as stocks and commodities underpinned the Australian dollar and other commodity-linked currencies.
Markets are expecting a CUS$1 billion reduction in its bond purchase, while fully pricing in a rate hike by April next year.
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