FOREX-Yen back in favour as China data hurts appetite for risk

Tue Mar 8, 2016 10:18pm EST
 
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* Demand for safe-haven yen rises as China jitters pervade

* BOC, RBNZ and ECB policy reviews loom

* AUD cushioned by iron ore rally, outperforms CAD, NZD (Updates prices, adds details and quotes)

By Ian Chua and Shinichi Saoshiro

SYDNEY/TOKYO, March 9 (Reuters) - The yen was broadly firmer early on Wednesday as demand for the safe-haven currency picked up after disappointing Chinese trade data took the wind out of a global rally rooted in stronger risk appetites.

The dollar last stood little changed at 112.585 yen, having slid 0.7 percent overnight, while the euro was down 0.4 percent at 123.54 yen, well off Friday's high of 125.585.

The Australian dollar dipped under 84.00 yen, pulling further from a one-month high of 85.00 set on Monday.

European and U.S. stocks fell overnight while many commodities came under pressure after China's exports tumbled by the most in over six years last month.

Tokyo's Nikkei followed suit on Wednesday, shedding 1.6 percent and sustaining demand for the yen.   Continued...