Forex - AUD/USD reverses course after building report
Published Jan 09, 2013 10:24PM ET
In Asian trading Thursday, AUD/USD climbed 0.31% to 1.0547. The pair was likely to find support at 1.0470, Tuesday's low and has fought through resistance at 1.0533, the high of December 19.
Earlier today, a report showed Australian Bureau of Statistics said that Australian Building Approvals rose to a seasonally adjusted 2.9%, from -5.1% in the preceding week whose figure was revised up from -7.6%. Analysts had expected Australian Building Approvals to rise to 5.0% last week.
That data point comes on the heels of a disappointing retail sales released during Wednesday’s session. Official data showed that Australian retail sales ticked down 0.1% in November, disappointing expectations for a 0.3% rise, after a flat reading the previous month.
However, the Aussie dollar rebounded after China’s trade balance rose more-than-expected last month, official data showed on Thursday.
In a report, National Bureau of Statistics of China said that Chinese Trade Balance rose to 31.60B, from 19.60B in the preceding month. Analysts had expected Chinese Trade Balance to rise to 19.70B last month.
China is one of Australia's top trading partners and a prime destination for iron ore and other commodities produced in Australia.
NZD/USD also reversed course to move higher after starting the session in the red. NZD/USD was higher by 0.03% at 0.8400. New Zealand’s trade balance rose less-than-expected last month, data showed on Wednesday.
In a report, Statistics New Zealand said that the trade balance rose to a seasonally adjusted -700M, from -718M in the preceding month. Analysts had expected the trade balance to rise to -620M last month.
Elsewhere, AUD/JPY climbed 0.5% to 92.88 while GBP/AUD fell 0.36% to 1.5187. EUR/AUD was lower by 0.45% at 1.2373 indicating traders are waiting for the results of the Bank of England and European Central Bank meetings later today before making bullish commitments to the euro and sterling.
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Written By: Investing.com
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