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Forex News: Australian Dollar Rises After China Services PMI Data

Australian Dollar Rises After China Services PMI Data

06/05/2017 - 01:43:00 (RTTNews)

(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session on Monday, after data showed that the services sector in China continued to expand in May, and at an accelerated pace.

Data from Caixin showed that the services sector in China continued to expand in May, and faster, with a PMI score of 52.8. That's up from 51.5 in April.

The survey also showed that the composite index advanced to a reading of 51.5 from 51.2 in the previous month.

In other economic news, data from the Australian Bureau of Statistics showed that inventories in Australia were up a seasonally adjusted 1.2 percent on quarter in the first three months of 2017. That beat forecasts for a rise of 0.5 percent following the 0.3 percent gain in the previous three months. Inventories were up 2.5 percent on year.

Company operating profits advanced 6.0 percent on quarter, also exceeding expectations for 5.0 percent, but down from 20.1 percent in the three months prior. Profits were up 39.7 percent on year.

Data from TD Securities and the Melbourne Institute showed consumer prices in Australia are predicted to be flat on month in May. That follows the 0.5 percent increase in April.

On a yearly basis, inflation is seen higher by 2.8 percent, up from 2.6 percent a month earlier.

Data from the Australian Industry Group showed that the service sector in Australia continued to expand in May, but at a slower rate, with a service PMI score of 51.5. That's down from 53.0 in April.

Data from the Australian and New Zealand Banking Group showed that job advertisements in Australia increased for the third straight month in May. Total job ads rose a seasonally adjusted 0.4 percent month-over-month in May, slower than the 1.5 percent climb in April.

Annual growth in job ads eased to 7.4 percent in May from 10.1 percent in the preceding month.

Last Friday, the Australian dollar showed mixed trading against their major rivals. While the aussie rose against the Canadian dollar, it fell against the NZ dollar. Against the U.S. dollar, the yen and the euro, the aussie held steady.

In the Asian trading, the Australian dollar rose to a 5-day high of 0.7457 against the U.S. dollar and a 6-day high of 1.0061 against the Canadian dollar, from Friday's closing quotes of 0.7443 and 1.0036, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.76 against the greenback and 1.02 against the loonie.

Against the euro and the NZ dollar, the aussie advanced to 4-day highs of 1.5114 and 1.0465 from last week's closing quotes of 1.5151 and 1.0415, respectively. The aussie may test resistance around 1.46 against the euro and 1.06 against the kiwi.

The aussie edged up to 82.45 against the yen, from an early near 3-week low of 81.90. On the upside, 84.00 is seen as the next resistance level for the aussie

Looking ahead, PMI reports from major European economies for May are due to be released later in the day.

In the New York session, U.S. Markit's PMI for May, U.S. labor market conditions index for May, U.S. ISM non-manufacturing PMI for May, U.S. factory orders for April, and durable goods orders for April are slated for release.

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