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$A bounces back above 88 US cents

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Published on: Friday, January 31, 2014

by AAP

The Australian dollar has bounced back above 88 US cents on positive economic news from Japan.

At 1200 AEDT on Friday, the Australian dollar was trading at 88.12 US cents, up from 87.34 cents on Thursday.

Japan's government has released figures showing a lower jobless rate and the first rise in consumer prices in five years in 2013.

In December, prices were up 1.3 per cent from 12 months earlier, edging closer to the Bank of Japan's 2.0 per cent inflation target, as Tokyo battles to reverse years of falling prices.

Arab Bank Australia treasury dealer David Scutt said the Aussie dollar rallied on the good news.

"We just had the Tokyo figures out in Japan and the Aussie dollar benefited from that," Mr Scutt said.

Mr Scutt said it was a quiet day of trade due to Chinese New Year celebrations.

Meanwhile, Australian bond futures prices were lower.

At 1200 AEDT on Friday, the March 2014 10-year bond futures contract was trading at 96.040 (implying a yield of 3.960 per cent), down from 96.055 (3.945 per cent) on Thursday.

The March 2014 three-year bond futures contract was at 97.110 (2.890 per cent), down from 97.150 (2.850 per cent).


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