ForexLive Asia-Pacific FX news wrap: Little net change for major FX rates

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The
initial move for the USD here in Asia was weaker, following its
losses in US Monday trade. EUR, AUD and others all traded higher in
the early part of the Asia morning. US Treasury yields confirmed
lower with cash trading opening Japan after their holiday on Monday,
and the bond market holiday on Monday in the US also.
</p><p>The
USD soon turned around, though, and as I update its net just a touch
stronger on the day.
</p><p>News
flow was light. Thee were a few pertinent items (see above) but
impact was minimal.</p><p>In
data flow the most noted was the National Australia Bank Business
Survey, which showed steady business confidence, at a very low level,
and lower but still resilient business conditions. The detail was
more interesting, the survey uncovering a
substantial easing in business cost pressures:</p><p>growth
in labour costs was 2% higher in the past three months, down
from the prior higher 3.2%</p><p>purchasing
costs also
dripped lower, down to 1.8%
from to 2.9%</p><p>Oil was stable:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.