Forex News: Australian Dollar Rises After Australia Trade Data

Australian Dollar Rises After Australia Trade Data

(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session on Thursday, after Australia posted a merchandise trade surplus in October.

Data from the Australian Bureau of Statistics showed that the Australia posted a merchandise trade surplus of A$4.385 billion in October. That was shy of expectations for a surplus of A$4.420 billion following the downwardly revised A$3.707 billion surplus in September.

Exports were up 3.4 percent on month at A$45.977 billion following the downwardly revised 7.6 percent increase in the previous month.

Imports rose 2.0 percent on month at A$41.592 billion following the upwardly revised 1.8 percent gain a month earlier.

In other economic news, data from the same agency showed that Australia's household spending grew the most since early 2024. Household spending increased 1.3 percent on a monthly basis in October, faster than September's 0.3 percent rise. Spending marked the biggest growth since January 2024, when it was up 1.6 percent.

On a yearly basis, growth in household spending accelerated to 5.6 percent from 5.1 percent in September.

Australian markets eked out modest gains as strong copper prices boosted mining stocks. Data showed household spending surged by the most in almost two years in October, lifting rate RBA hike bets. In the Asian trading today, the Australian dollar rose to more than a 4-month high of 102.85 against the yen and nearly a 2-month high of 0.9235 against the Canadian dollar, from yesterday's closing quotes of 102.49 and 0.9209, respectively. If the aussie extends its uptrend, it is likely to find resistance around 103.00 against the yen and 0.93 against the loonie.

Against the U.S. dollar and the euro, the aussie advanced to more than a 1-month high of 0.6615 and a 1-month high of 1.7624 from Wednesday's closing quotes of 0.6601 and 1.7861, respectively. The next possible upside target for the aussie is found near 0.67 against the greenback and 1.75 against the euro.

The aussie edged up to 1.1465 against the NZ dollar, from yesterday's closing value of 1.1433. On the upside, 1.16 is seen as the next resistance level for the aussie.

Looking ahead, Eurozone retail sales data for October is due to be released at 5:00 am ET in the European session.

In the New York session, U.S. weekly jobless claims data and Canada Ivey PMI for November are due to be released.

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