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Forex News: Aussie Rises On Upbeat Australia GDP Data

Aussie Rises On Upbeat Australia GDP Data

06/07/2017 - 00:29:00 (RTTNews)

(RTTNews) - The Australian dollar strengthened against the other major currencies in the Asian session on Wednesday, after data showed that Australia's gross domestic product expanded on quarter in the first three months of 2017.

Data from the Australian Bureau of Statistics showed that Australia's gross domestic product expanded a seasonally adjusted 0.3 percent on quarter in the first three months of 2017. That was in line with expectations following the 1.1 percent expansion in the previous three months.

On a yearly basis, GDP gained 1.7 percent, beating forecasts for 1.6 percent after climbing 2.4 percent in the three months prior.

Data from the Australian Industry Group showed that the construction sector in Australia continued to expand in May, and at a faster rate, with a Performance of Construction Index score of 56.7. That's up sharply from 51.9 in April. It also marks the fastest rate of expansion in more than two and a half years.

Meanwhile, investors remain cautious ahead of key political and economic events on Thursday. These include the U.K. elections, the ECB policy meeting and former FBI Director James Comey's congressional testimony.

Tuesday, the Australian dollar showed mixed trading against the other major currencies. While the aussie rose against the U.S. dollar, the euro, the loonie and the kiwi, it fell against the yen.

In the Asian trading, the Australian dollar rose to an 8-day high of 1.4934 against the euro, from yesterday's closing value of 1.5021. The aussie may test resistance around the 1.47 region.

Against the U.S., the New Zealand and the Canadian dollars, the aussie advanced to a 5-week high of 0.7544, a 6-day high of 1.0506 and nearly a 3-week high of 1.0146 from yesterday's closing quotes of 0.7507, 1.0446 and 1.0098, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.76 against the greenback, 1.07 against the kiwi and 1.02 against the loonie. The aussie edged up to 82.62 against the yen, from yesterday's closing value of 82.12. On the upside, 83.00 is seen as the next resistance level for the aussie.

Looking ahead, the German factory orders for April is due to be released in the pre-European session at 2:00 am ET.

U.K. Halifax house price index for May is slated for release later in the day.

In the New York session, Canada building permits for April, U.S. crude oil inventories data and U.S. consumer credit for April are set to be published.

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