Australian dollar higher after strong data

November 5, 2015

The Australian dollar is trading higher today after a round of solid local data as well as some promising figures out of China lent some support to the local currency.

At 12.45pm (GMT) the Aussie dollar was trading at US71.88c, reaching a high of US72.22c and up from US71.83c in yesterday’s trade.

A report from the Australian Bureau of Statistics today showed that retail sales rose 0.4 percent in September, in line with forecasts, while the imports figure came in at 2 percent against last month’s figure of 1 percent.

More data from the Australian Bureau of Statistics showed a trade deficit of 2.317 billion in September, well below the number of 2.900 billion expected by economists and a marked improvement from last month’s figure of 2.711 billion.

In a boost for the Chinese economy the Caixin China Services PMI for the month of October  jumped to a number of 52, well up on the 50.5 number recorded in September.

The Australian dollar is expected to face volatility later today when US Fed president Janet Yellen testifies before congress on the state of the US economy and may hint at the chances of an interest rate rise in December.

Last Friday in a monetary statement Yellen noted that although the economy wasn’t perfect, it was still moving along, and that the central bank was no longer concerned with overall global growth and indicators closer to home would be more important.

If the tone is also upbeat as in today’s speech we may see the Aussie dollar come under pressure. 

Publication source
FIBO Group information  FIBO Group reviews

December 9, 2016
Coeure - ECB ready to do more
ECB board member Benoit Coeure commented the yesterday decision in a radio interview. The central bank announced QE tapering stressing that it does not mean less engagement...
December 8, 2016
Tapering and extending
The main challenge for markets today will be steering through the messages that emerge from the ECB meeting and press conference. Whereas the Fed meeting next week is seen as a near certainty in terms of its outcome, this is not the same for the ECB...
December 7, 2016
Oil ma pull back to $40
The oil price fell for the first time in 4 days today as skepticism creeped in over some OPEC member’s commitment to keep to their end of the deal and cut production...

FxPro Rating
FIBO Group Rating
FOREX.com Rating
Orbex Rating
FXCM Rating
Grand Capital Rating

24option Rating
OptionBit Rating
TropicalTrade Rating
Porter Finance Rating
Empire Option Rating
OptionFair Rating