Asian traders avoid buying USD (06.12.2017)

In the Asian session, traders hesitated to buy the US dollar that reveals concerns about implementation of the tax reform in the US. As a result, the greenback is unable to develop a steady rally. On the other hand, its rival currencies have also come under pressure.
For instance, the Australian dollar weakened against the American currency after a tepid report on GDP growth. The AUD/USD pair is trading next to 0.7580.
Australia’s GDP fell short of expectations. The economy expanded by 0.6% in the third quarter, easing from the previous quarter's rise of 0.9%. In annual terms, GDP climbed to 2.8%, missing a market forecast for a 3% gain. Such data signals that the Reserve Bank of Australia will hardly venture to tighten monetary policy in the short term against a mixed economic background.
Unlike the aussie dollar, the Japanese yen is trimming losses today. The dollar/yen pair is trading close to 112.00. Mounting uncertainty about the US tax legislation and budget is putting pressure on US Treasury yields. So, a flattening yield curve provided the Japanese yen with support.
Experts say the situation could change this week. Market participants await the ADP employment report. In case the data surpasses the forecast, the US dollar will be able to recover and advance across the board.

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