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Forex News: Australian Dollar Higher After Positive GDP Data

Australian Dollar Higher After Positive GDP Data

09/04/2019 - 02:59:00 (RTTNews)

(RTTNews) - The Australian dollar strengthened against its major counterparts in the Asian session on Wednesday, after a data showed that the economy expanded as expected in the second quarter.

Data from the Australian Bureau of Statistics showed that Australia's gross domestic product gained a seasonally adjusted 0.5 percent on quarter in the second quarter of 2019.

That was in line with expectations and unchanged from the previous three months following an upward revision from +0.4 percent.

On a yearly basis, GDP expanded 1.4 percent - again matching forecasts and down from the downwardly revised 1.7 percent increase in the three months prior.

Sentiment was also underpinned by China data showing fastest private sector growth in four months in August.

Survey data from IHS Markit showed that the Caixin composite output index climbed to 51.6 in August from 50.9 in July. A score above 50 indicates expansion.

The aussie rose to a 9-day high of 0.6784 against the greenback, from a low of 0.6754 hit at 5:30 pm ET. If the aussie rises further, 0.71 is seen as its next resistance level.

The aussie climbed to a 9-day high of 72.01 against the yen, from yesterday's closing value of 71.61. The next possible resistance for the aussie is seen around the 79.5 level.

The latest survey from Jibun Bank showed that Japan services sector activity accelerated in August, with a PMI score of 53.3.

That's up from 51.8 in July and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

The Australian currency appreciated to 1.6178 against the euro, its strongest since August 1. The aussie is likely to find resistance around the 1.60 level.

The aussie was trading higher at 1.0706 against the kiwi, up from a low of 1.0663 seen at 5:00 pm ET. On the upside, 1.09 is possibly seen as the next resistance level for the aussie.

The aussie spiked up to a new 2-week high of 0.9041 against the loonie, from an early low of 0.9007. The aussie is seen finding resistance around the 0.95 level.

Looking ahead, PMI reports from major European economies and Eurozone retail sales for July are due in the European session.

In the New York session, U.S. and Canadian trade data for July and Fed Beige book report are slated for release.

The Bank of Canada will announce its interest rate decision at 10:00 am ET. The BoC is widely expected to keep its policy rate steady at 1.75 percent.

For comments and feedback: contact editorial@rttnews.com

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