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Forex News: Australian Dollar Advances After RBA Stands Pat On

Australian Dollar Advances After RBA Stands Pat On Rate

05/01/2018 - 02:31:00 (RTTNews)

(RTTNews) - The Australian dollar drifted higher against its major opponents in the Asian session on Tuesday, after the Reserve Bank of Australia kept its key interest rate unchanged at a record low, saying that the low level of interest rates could continue supporting economy.

The board of the Reserve Bank of Australia, governed by Philip Lowe, maintained the cash rate at 1.50 percent. The bank had reduced the rate by 25-basis points each in August and May last year.

The decision was widely expected by economists.

Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time, the bank said in a statement.

The bank reiterated that the low level of interest rates is continuing to support the Australian economy.

Further underpinning sentiment was rising Asian shares, which was supported on news that the U.S. has extended the May 1 deadline on steel and aluminium tariff exemptions for its allies by one month.

Survey data published by the Australian Industry Group showed that Australia's manufacturing sector growth moderated notably in April from a record high reached in March.

The Australian Performance of Manufacturing Index fell 4.8 points to 58.3 points in April. However, results above 50 indicate expansion with higher results indicating a stronger growth.

The aussie appreciated 0.3 percent to 0.7547 against the greenback from Monday's closing value of 0.7528. The aussie is likely to find resistance around the 0.77 level.

The aussie bounced off from an early low of 82.24 against the yen, rising to 82.54. The aussie is seen finding resistance around the 84.00 level.

Survey results from IHS Markit showed that Japan's manufacturing sector expanded at a faster pace in April amid improved output and new orders growth.

The Nikkei Purchasing Managers' Index rose to 53.8 in April from 53.1 in March. A score above 50 indicates expansion in the sector.

Having fallen to 1.6048 against the euro at 6:45 pm ET, the aussie reversed direction and climbed to 1.5999. The aussie was worth 1.6037 against the euro when it closed deals on Monday. Next key resistance for the aussie is likely seen around the 1.58 level.

The aussie strengthened to a 5-day high of 1.0721 against the kiwi, up 0.2 percent from yesterday's closing value of 1.0699. If the aussie rises further, it may find resistance around the 1.09 area.

The aussie rose back to 0.9675 against the loonie, after having fallen to 0.9661 at 6:30 pm ET. The next possible resistance for the aussie is seen around the 0.98 area.

Looking ahead, U.K. mortgage approvals for March and manufacturing PMI for April are scheduled for release in the European session.

In the New York session, Canada GDP for February, U.S. ISM manufacturing index for April and construction spending for March are due.

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