Recap of Asian trade on 05.11.2018: USDX, USD/JPY, AUD/USD

The US dollar is holding steady at the level that was reached on Friday. The greenback received a boost from upbeat US nonfarm payrolls.
The dollar’s index is trading at around 96.40. Today the US currency is winning favor with investors as the healthy labor market signals the stronger likelihood of another rate hike by the Federal Reserve.
In the Asian session today the US dollar extended moderate growth. The dollar/yen pair is trading at near 113.20. Investors have no reasons for buying safe haven assets as the lull in the political arena does not make serious changes on Forex.
A private report on China’s services sector revealed a slowdown in business activity. The services PMI from Caixin Media Co. and Markit slipped to 50.8 in October from 53.1 in September.
The signs of cooling down in China’s economy is certainly bearish for the Australian dollar. The AUD/USD pair shed over 40 pips, following downbeat data from China. The currency pair is trading at the level slightly below 0.7200.
Experts say the Australian dollar is likely to remain under pressure after the publication of a report on business activity in the US non-manufacturing sector by the Institute for Supply Management.

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