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Forex News: Australian Dollar Higher After Upbeat Building Approvals, Tr

Australian Dollar Higher After Upbeat Building Approvals, Trade Data

11/02/2017 - 03:41:00 (RTTNews)

(RTTNews) - The Australian dollar spiked up against its major counterparts in the Asian session on Thursday, as impressive data on Australia's building approvals and trade surplus in September cheered investors' mood.

Data from the Australian Bureau of Statistics showed that Australia's foreign trade surplus increased more-than-expected in September, as exports rose and imports remained flat.

The seasonally adjusted trade surplus climbed to A$1.75 billion in September from A$873 million in August. Economists had expected the surplus to rise to A$1.2 billion.

Exports of goods and services grew 3.0 percent monthly in September, while imports were relatively steady.

Separate data from the same agency showed that Australia building approvals increased for the second straight month in September, defying economists' forecast for a decline.

The seasonally-adjusted estimate for total dwellings approvals climbed 1.5 percent month-over-month in September, following a 0.1 percent slight rise in August. Meanwhile, it was expected to decrease by 1.0 percent.

Asian stocks are trading mixed as investors await the announcement of next Fed chief as well as Friday's U.S. jobs report for direction.

U.S. President Donald Trump is expected to nominate Fed Governor Jerome Powell as the next chair of the central bank, replacing Janet Yellen.

The Federal Reserve on Wednesday left interest rates unchanged as widely expected and offered support for the December rate hike that most economists were predicting.

The Bank of England's decision is due later in the day, with economists expecting it to raise rates by 25 basis points despite uncertain economic outlook. This will be the first rise in a decade as Brexit-fueled inflation looks set to rise further on a weaker pound.

The aussie rose to 1.1159 against the NZ dollar, compared to Wednesday's closing value of 1.1145. If the aussie rises further, 1.14 is possibly seen as its next resistance level.

Survey by ANZ bank showed that New Zealand's job advertisements increased for the third straight month in October.

Job ads climbed a seasonally adjusted 0.9 percent month-over-month in October, following a 0.4 percent rise in September.

The aussie hovered at an 8-day high of 0.7726 against the greenback, compared to 0.7675 hit late New York Wednesday. Continuation of the aussie's uptrend may see it challenging resistance around the 0.78 mark.

The aussie climbed to an 8-day high of 87.99 against the yen and held steady thereafter. The next possible resistance for the aussie-yen pair is seen around the 90.00 area.

Survey data from the Cabinet Office showed that Japan's consumer confidence improved unexpectedly in October to the highest level in just over four years.

The consumer confidence index climbed to 44.5 in October from 43.9 in September. Meanwhile, it was forecast to drop to 43.6.

The aussie reversed from an early high of 0.9872 against the loonie, rising to 0.9914. Further uptrend may see the aussie challenging resistance around the 1.00 level.

The aussie firmed to 1.5087 against the euro, its strongest since October 24, and held steady thereafter. The aussie is seen finding resistance around the 1.49 mark.

Looking ahead, PMI reports from major European economies are due in the European session.

At 8:00 am ET, the Bank of England's rate decision is due. The BoE is forecast to raise the rate by 25 basis point to 0.50 percent. The monetary policy committee is expected to maintain the asset purchase programme at GBP 435 billion.

At 8:30 am ET, Federal Reserve Governor Jerome Powell will deliver opening remarks at the Alternative Reference Rates Committee Roundtable hosted by the Federal Reserve Bank of New York, via satellite.

In the New York session, U.S. weekly jobless claims for the week ended October 28 are set for release.

New York Fed President William Dudley will give closing remarks at the Alternative Reference Rates Committee Roundtable, hosted by the Federal Reserve Bank of New York at 12:20 pm ET.

For comments and feedback: contact editorial@rttnews.com

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