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Forex News: Aussie Higher After Australia Consumer Inflation Data

Aussie Higher After Australia Consumer Inflation Data

01/30/2019 - 02:50:00 (RTTNews)

(RTTNews) - The Australian dollar strengthened against its major counterparts in the Asian session on Wednesday, following the release of stronger than expected consumer inflation data from Australia for the fourth quarter.

Data from the Australian Bureau of Statistics showed that Australia's consumer prices rose 0.4 percent on quarter in the fourth quarter of 2018- unchanged from Q3 and in line with expectations.

On a yearly basis, inflation advanced 1.8 percent - exceeding expectations for 1.7 percent and down from 1.9 percent in the three months prior.

Asian stocks were mostly higher as investors await the outcome of high-level U.S.-China trade talks. China's Vice Premier Liu He is in Washington this week to meet U.S. officials, including President Trump.

Investors also focus on the FOMC decision, due at 2 pm ET.

The press conference by Fed Chair Jerome Powell is awaited for more details about the central bank's ongoing balance sheet unwind and rate hike cycle.

The aussie advanced to a 6-day high of 0.9543 against the loonie, from a low of 0.9490 hit at 5:45 pm ET. If the aussie continues its uptrend, 0.97 is possibly seen as its next resistance level.

The aussie strengthened to 2-day highs of 0.7201 against the greenback, 78.71 against the yen and 1.5890 against the euro, from its previous lows of 0.7150, 78.17 and 1.5991, respectively. The aussie is seen finding resistance around 0.735 against the greenback, 80.5 against the yen and 1.56 against the euro.

The aussie firmed to a 6-day high of 1.0525 against the kiwi and held steady thereafter. The pair was worth 1.0469 at yesterday's close.

Looking ahead, Eurozone economic sentiment index for January, U.K. money supply for December and Swiss KOF leading indicator for January are due in the European session.

At 8:15 am ET, U.S. ADP private payrolls for January is scheduled for release.

In the New York session, U.S. pending home sales for December will be out.

At 2:00 pm ET, the Fed announces its decision on interest rate. Economists widely expect the federal funds rate to be kept at 2.50 percent.

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