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Forex News: Australian Dollar Climbs After Strong GDP Data

Australian Dollar Climbs After Strong GDP Data

06/06/2018 - 02:59:00 (RTTNews)

(RTTNews) - The Australian dollar drifted higher against its major counterparts in Asian session on Wednesday, following a data showing a better than expected domestic economic growth in the first quarter.

Data from the Australian Bureau of Statistics showed that Australia's gross domestic product rose a seasonally adjusted 1.0 percent on quarter in the first three months of 2018.

That exceeded expectations for an increase of 0.8 percent following the 0.4 percent gain in the previous three months.

On a yearly basis, GDP expanded 3.1 percent - again beating forecasts for 2.8 percent and up from 2.4 percent in the three months prior.

Asian stock markets are broadly higher even as trade worries lingered after Mexico announced duties of 15 to 25 percent on imports from the United States.

Oil edged higher after industry data showed a decline in U.S. crude inventories.

The aussie rose to 0.7672 against the greenback, its strongest since April 23. On the upside, 0.78 is likely seen as the next resistance for the aussie.

The aussie firmed to a new 2-week high of 84.37 against the yen, compared to 83.61 hit late New York Tuesday. The aussie is poised to challenge resistance around the 86.00 level.

The aussie reached as high as 1.5283 against the euro, up from a low of 1.5386 seen at 10:15 pm ET. The aussie is likely to find resistance around the 1.52 level.

The aussie, having fallen to a 2-day low of 0.9861 against the loonie at 11:45 pm ET, reversed direction and advanced to 0.9919. The aussie is seen finding resistance around the 1.00 region.

The aussie appreciated to a 9-day high of 1.0892 against the kiwi, after falling to 1.0831 at 6:30 pm ET. If the aussie continues its rise, 1.10 is possibly seen as its next resistance level.

Looking ahead, Swiss CPI and German construction PMI for May are due in the European session.

In the New York session, U.S. and Canadian trade data for April, Ivey PMI for May and Canada building permits for April are scheduled for release.

At 11:00 am ET, the Bank of England member Ian McCafferty will discuss the economic outlook and monetary policy in a phone-in interview conducted by Iain Dale on LBC Radio.

For comments and feedback: contact editorial@rttnews.com

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