Forex- AUD/USD higher after some profit-taking
Published Dec 13, 2012 11:36PM ET
In Asian trading Thursday, AUD/USD jumped 0.05% to 1.0534. The pair was likely to find support at 1.0462, Tuesday’s low, and resistance at 1.0586, Wednesday’s high.
With AUD/USD’s advance in Friday’s Asian session, the pair is still trading near multi-month highs. AUD/USD has soared nearly 6% year-to-date despite a voracious rate-cutting scheme by the Reserve Bank of Australia. Earlier this month, RBA cut interest rates by 25 basis points to 3%.
During Friday’s Asian session, the Organization for Economic Cooperation and Development (OECD) said the Australian government should move to avert a budget surplus if that surplus were to hamper economic growth. Australia is expected to have a surplus of $1.1 billion this year, but OECD said that if the Australian economy were to suffer noticeably and enter another crisis, the government there should be prepared to act with stimulus measures.
Elsewhere, AUD/JPY continued to surge in advance of Japan’s elections on Sunday. The pair jumped 0.34% to 88.38. After bottoming in December 2011, AUD/JPY has climbed steadily higher this and a new leg higher could be established if the pair cracks the 0.90 level.
EUR/AUD was flat while GBP/AUD was off 0.07% to 1.5298. Noteworthy was the Australian dollar against the Swiss franc. AUD/CHF jumped 0.1% to 0.9735 in Friday’s Asian session.
The Australian dollar also made a modest advance against its New Zealand rival as AUD/NZD rose 0.02% to 1.2492.
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Written By: Investing.com
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