FOREX TradingCharts.com

Forex News: Australian Dollar Strengthens After Better Than Expected Inf

Australian Dollar Strengthens After Better Than Expected Inflation Data

07/31/2019 - 02:52:00 (RTTNews)

(RTTNews) - The Australian dollar climbed against its major counterparts in the Asian session on Wednesday, as the nation's consumer price inflation rose at a faster-than-expected rate in the second quarter, raising hopes that the Reserve Bank of Australia will leave rates on hold at its meeting next week.

Data from the Australian Bureau of Statistics showed that consumer prices gained 0.6 percent on a quarterly basis in June quarter, after remaining unchanged in the preceding quarter. Economists had expected a 0.5 percent increase.

The consumer price index rose 1.6 percent year-on-year in second quarter, following a 1.3 percent increase in the previous quarter. Economists had expected a 1.5 percent rise.

Investors await the outcome of a two-day Federal Reserve meeting later today amid expectations the U.S. central bank will cut interest rates by a quarter point. It will be up to Chair Powell to steer market expectations for more rate cuts via the press conference.

The aussie rose to 0.6899 against the greenback and 74.89 against the yen, from its early 1-1/2-month low of 0.6862 and a 6-day low of 74.48, respectively. Next key resistance for the aussie is possibly seen around 0.70 against the greenback and 76.00 against the yen.

Reversing from its early more than 4-week low of 1.6248 against the euro and a 9-year low of 0.9017 against the loonie, the aussie bounced off to 1.6170 and 0.9065, respectively. On the upside, 1.60 and 0.93 are likely seen as the next resistance levels for the aussie against the euro and the loonie, respectively.

The aussie strengthened to a 2-week high of 1.0457 against the kiwi, from a 9-day low of 1.0386 seen at 8:15 pm ET. The aussie is poised to find resistance around the 1.06 level.

Looking ahead, German jobless rate for July, Eurozone jobless rate for June, final consumer inflation for July and GDP data for the second quarter are due in the European session.

U.S. ADP private payrolls data for July will be published at 8:15 am ET.

In the New York session, Canada GDP data for May and industrial product price index for June will be out.

At 2:00 pm ET, the Federal Reserve's interest rate decision is slated for release. Economists widely expect the central bank to cut rates to 2.00 percent - 2.25 percent.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Euro Falls On ECB Stimulus Hopes (13 hr(s), 28 min(s), 38 sec(s) ago)
(RTTNews) - The euro declined against its major counterparts in the European session on Friday on ...Full Story»

Dollar Little Changed Following U.S. Housing Data (15 hr(s), 13 min(s), 38 sec(s) ago)
(RTTNews) - Following the release of U.S. housing starts and building permits for July at 8:30 am ...Full Story»

Dollar Mixed Ahead Of U.S. Housing Data (15 hr(s), 19 min(s), 38 sec(s) ago)
(RTTNews) - The U.S. housing starts and building permits for July are due at 8:30 am ET Friday. Ah ...Full Story»

U.S. Dollar Spikes Higher As Recession Worries Fade (16 hr(s), 34 min(s), 38 sec(s) ago)
(RTTNews) - The U.S. dollar was higher against its most major counterparts in the European session ...Full Story»

Euro Little Changed After Eurozone Trade Data (18 hr(s), 43 min(s), 38 sec(s) ago)
(RTTNews) - Following the release of Eurozone trade data for June at 5.00 am ET Friday, the euro c ...Full Story»

Euro Falls Ahead Of Eurozone Trade Data (18 hr(s), 49 min(s), 38 sec(s) ago)
(RTTNews) - At 5.00 am ET Friday, Eurostat is scheduled to release Eurozone external trade figures ...Full Story»

Canadian Dollar Advances As Oil Prices Rise (20 hr(s), 04 min(s), 38 sec(s) ago)
(RTTNews) - The Canadian dollar strengthened against its major counterparts in the Asian session o ...Full Story»

Dollar Little Changed After NAHB Housing Market Index (13 hr(s), 43 min(s), 38 sec(s) ago)
(RTTNews) - The National Association of Home Builders' housing market index for August has bee ...Full Story»

Search

FOREX NEWS

Euro Falls On ECB Stimulus Hopes

08/16/2019 - 10:20 AM (RTTNews)
(RTTNews) - The euro declined against its major counterparts in the European session on Friday on ...Full Story>>

Dollar Little Changed Following U.S. Housing Data

08/16/2019 - 08:34 AM (RTTNews)
(RTTNews) - Following the release of U.S. housing starts and building permits for July at 8:30 am ...Full Story>>

Dollar Mixed Ahead Of U.S. Housing Data

08/16/2019 - 08:28 AM (RTTNews)
(RTTNews) - The U.S. housing starts and building permits for July are due at 8:30 am ET Friday. Ah ...Full Story>>

U.S. Dollar Spikes Higher As Recession Worries Fade

08/16/2019 - 07:12 AM (RTTNews)
(RTTNews) - The U.S. dollar was higher against its most major counterparts in the European session ...Full Story>>

Euro Little Changed After Eurozone Trade Data

08/16/2019 - 05:04 AM (RTTNews)
(RTTNews) - Following the release of Eurozone trade data for June at 5.00 am ET Friday, the euro c ...Full Story>>
Copyright © 2019. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.