Forex - AUD/USD weakens ahead of Q3 GDP data, JPY slightly stronger

Investing.com - The Australian dollar weakened slightly in early trade Wednesday ahead of third quarter gross domestic product data expected to show a pickup from the previous quarter.

AUD/USD traded at 0.9134, down 0.03%, ahead of the data due at 1130 local time (0030 GMT) with a forecast of 0.8% quarter on quarter. On Tuesday, the Reserve Bank of Australia decided to leave rates unchanged at 2.5% on Tuesday in a widely expected decision.

USD/JPY traded at 102.33, down 0.20%, retracing yen weakness seen earlier this week on some expectations of further monetary easing steps by the Bank of Japan.

Overnight, profit taking sent the dollar falling against most major currencies as investors waited on the sidelines for the release of the November jobs report on Friday.

Monetary authorities have said they'll pay close attention to data, especially out of the labor market, before deciding when to scale back bond purchases.

Elsewhere, better-than-expected data out of the Spanish labor market weakened the dollar further by bolstering the euro.

Spain reported that the number of unemployed individuals in the country declined by 2,500 in November, defying more pessimistic consensus forecasts calling for an increase of 44,300 and much better than October's 87,000 increase.

EUR/USD traded at 1.3594, up 0.03%, in Asia.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.02% at 80.64.

On Wednesday, the U.S. is to release the ADP report on private-sector job creation, while the Institute of Supply Management is to release its service-sector purchasing managers' index. The U.S is also to publish data on new home sales and data on its trade balance.

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