Australian Dollar Extends Gain
July 30 2015 - 12:31AM
RTTF2
The Australian dollar continued to be strong against the other
major currencies in the Asian session on Thursday, as most Asian
shares rose, following a positive reaction to the Federal Reserve's
monetary policy statement. In addition, higher commodity prices
boosted resource stocks.
As was widely expected, the U.S. Federal Reserve left interest
rates unchanged. The accompanying statement by the central bank
included some subtle changes that point toward a near-term interest
rate hike, but the Fed did not provide a specific timetable.
The oil prices rose after official data from the Energy
Information Administration showed crude stockpiles in the U.S. to
have declined much more than expected last week.
Crude oil for September delivery are currently up $0.10 to
$48.89 a barrel.
Moreover, the surge in iron ore prices that lifted mining
stocks, also supported the currency.
Meanwhile, the currency trimmed some of its gains in reaction to
disappointing reports on building approvals for June and export
prices data for the second quarter of 2015.
Wednesday, the Australian dollar rose 0.09 percent against the
U.S. dollar, 0.13 percent against the yen and 0.14 percent against
the euro.
In the Asian trading, the Australian dollar rose to 6-day highs
of 90.89 against the yen and 1.4982 against the euro, from
yesterday's closing quotes of 90.39 and 1.5049, respectively. If
the aussie extends its uptrend, it is likely to find resistance
around 91.80 against the yen and 1.47 against the euro.
Against the NZ dollar, the aussie advanced to a 3-day high of
1.1022 from yesterday's closing value of 1.0935. The aussie may
test resistance near the 1.11 region.
The aussie edged up to 0.7320 against the U.S. dollar and 0.9482
against the Canadian dollar, from yesterday's closing quotes of
0.7293 and 0.9435, respectively. On the upside, 0.74 against the
greenback and 0.95 against the loonie are seen as the next
resistance level for the aussie.
Looking ahead, Swiss KOF leading indicator, German unemployment
rate and Eurozone economic confidence index, all for July, are due
to be released in the European session.
In the New York session, preliminary German CPI for July,
advance second quarter U.S. GDP data and U.S. jobless claims for
the week ended July 25, are slated for release.
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