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Forex News: Australian Dollar Falls After Soft Inflation Data

Australian Dollar Falls After Soft Inflation Data

07/25/2018 - 03:21:00 (RTTNews)

(RTTNews) - The Australian dollar slipped against its major counterparts in the Asian session on Wednesday, after a data showed that the nation's consumer inflation rose less than expected in the second quarter, dampening expectations for a rate hike from the Reserve Bank of Australia in coming months.

Data from the Australian Bureau of Statistics showed that Australia's consumer prices rose 0.4 percent on quarter in the second three months of 2018.

That was shy of expectations for an increase of 0.5 percent but unchanged from the Q1 reading.

On a yearly basis, inflation rose 2.1 percent - beneath expectations for 2.2 percent and up from 1.9 percent in the three months prior.

Asian stock markets were mixed as optimism about corporate earnings results and China's stimulus plan were offset by speculation that the Bank of Japan may not make immediate changes to its monetary policy.

The aussie weakened to 0.7392 against the greenback and 82.19 against the yen, from its early 2-week high of 0.7449 and a 5-day high of 82.89, respectively. On the downside, 0.72 and 80.00 are likely seen as the next support levels for the aussie against the greenback and the yen, respectively.

The aussie slipped to 1.0876 against the kiwi, 1.5808 against the euro and 0.9725 against the loonie, reversing from its early 6-day highs of 1.0936, 1.5701 and 0.9786, respectively. If the aussie extends decline, 1.07, 1.60 and 0.96 are possibly seen as its next support levels against the kiwi, the euro and the loonie, respectively.

Looking ahead, U.K. mortgage approvals for June, German Ifo business sentiment index and Swiss economic sentiment for July are due in the European session.

In the New York session, U.S. new home sales for June are scheduled for release.

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