Australian Dollar Higher After Strong Trade Data
07 Mars 2019 - 3:20AM
RTTF2
The Australian dollar was higher against its major opponents in
the Asian session on Thursday, as a data showed that nation's trade
surplus grew more than forecast in January, driven by higher
exports.
Data from the Australian Bureau of Statistics showed that
Australia recorded a seasonally adjusted merchandise trade surplus
of A$4.549 billion in January.
That exceeded expectations for a surplus of A$2.90 billion and
was up A$780 million from the upwardly revised A$3.769 billion
surplus in December.
Exports were up 5.0 percent on month, while imports picked up
3.0 percent.
Separate data showed that Australia's retail sales rose a
seasonally adjusted 0.1 percent on month in January, coming in at
A$27.018 billion.
That was shy of expectations for a gain of 0.3 percent following
the 0.4 percent decline in December.
Asian markets were mixed after the Organization for Economic
Cooperation and Development downgraded its growth forecast for
Group of 20 nations, saying that trade disputes and economic
uncertainty over Brexit would hit world commerce and
businesses.
The aussie advanced to 1.6031 against the euro and 0.7052
against the greenback, from its early low of 1.6111 and a 2-month
low of 0.7020, respectively. The aussie is poised to challenge
resistance around 1.58 against the euro and 0.72 against the
greenback.
The aussie edged up to 78.76 against the yen, following a
decline to near a 3-week low 78.33 at 7:30 pm ET. If the aussie
rises further, 81.5 is possibly seen as its next resistance
level.
The Australian currency strengthened to a 2-week high of 0.9479
against the loonie, from a low of 0.9439 hit at 7:30 pm ET. The
aussie is seen finding resistance around the 0.96 level.
The aussie rebounded to 1.0391 against the kiwi, from a low of
1.0369 seen at 7:30 pm ET. On the upside, 1.05 is possibly seen as
the next resistance level for the aussie.
Looking ahead, U.K. Halifax house prices for February and
Eurozone GDP data for the fourth quarter are due in the European
session.
At 7:45 am ET, the European Central Bank announces its decision
on interest rates. Economists expect the refi rate and the marginal
lending facility rate to be kept at 0.00 percent and 0.25 percent,
respectively.
In the New York session, Canada building permits for January,
U.S. weekly jobless claims for the week ended March 2 and consumer
credit for January are scheduled for release.
AUD vs US Dollar (FX:AUDUSD)
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AUD vs US Dollar (FX:AUDUSD)
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