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Forex News: Australian Dollar Advances As Govt. Downgrades Budget Defici

Australian Dollar Advances As Govt. Downgrades Budget Deficit Projections

12/18/2017 - 03:17:00 (RTTNews)

(RTTNews) - The Australian dollar advanced against its most major counterparts in the Asian session on Monday, after the Australian government projected a narrower budget deficit for this year, which would narrow in coming years and return to surplus in 2020-21.

In mid-year economic and fiscal outlook, Treasurer Scott Morrison said that the budget deficit for the fiscal year to June 2018 is seen at A$23.6 billion compared to the previous estimate of A$29.4 billion.

The deficit for the next fiscal year was lowered to A$20.5 billion from A$21.4 billion.

The budget balance is forecast to return to surplus in 2021 as previously projected. Morrison forecast a surplus of A$10.2 billion or 0.5 percent of GDP in 2020-21.

The aussie slipped on Friday, as investor sentiment dampened on uncertainty about the outlook for the Republican tax reform plan.

The aussie recovered to 1.5345 against the euro, from a low of 1.5379 hit at 7:45 pm ET. If the aussie rises further, 1.52 is likely seen as its next resistance level.

The aussie advanced to 0.9852 against the loonie and 0.7670 against the greenback, off its previous lows of 0.9833 and 0.7641, respectively. The next possible resistance for the aussie is seen around 0.995 against the loonie and 0.78 against the greenback.

The aussie climbed to a 4-day high of 86.38 against the yen, after having fallen to 85.99 at 5:15 pm ET. Continuation of the aussie's uptrend may see it challenging resistance around the 88.00 region.

Survey results from the Bank of Japan showed that Japanese companies' inflation expectations increased in the fourth quarter.

Companies forecast consumer prices to rise 0.8 percent in the year ahead compared to previous projection of 0.7 percent.

On the flip side, the aussie held steady at 1.0916 against the kiwi, after having eased from a high of 1.0934 hit at 6:00 pm ET. The pair finished last week's trading at 1.0923.

Looking ahead, Eurozone CPI for November is due in the European session.

In the New York session, U.S. NAHB housing market index for December is set for release.

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