Aussie Rises On Upbeat Australian Capex Figures
01:23, 27th November 2014
(RTTNews) - The Australian dollar strengthened against the other major currencies in the Asian session on Thursday after data showed that total private capital expenditure in Australia climbed in the third quarter of 2014.
Data from the Australian Bureau of Statistics showed that total private capital expenditure in Australia climbed a seasonally adjusted 0.2 percent in the third quarter, coming in at A$38.254 billion. The private capital expenditure beat forecasts for a decline of 1.9 percent following the upwardly revised 1.6 percent jump in the second quarter. On a yearly basis, capex fell 5.9 percent.
Data from the Housing Industry Association showed that the total number of new home sales in Australia climbed 3.0 percent on month in October, following the flat reading in September.
The amount of construction completed declined 2.2 percent in the three months to October, while residential work fell 1.6 percent and engineering projects dropped 3.2 percent.
Meanwhile, the Australian stock is also higher. The benchmark Australia's broader All Ordinaries index is currently up 1.30 points or 0.02 percent at 5,381. While the S&P/ASX 200 index is also up 4.30 points or 0.08 percent at 5,400.
In the New York session overnight, the Australian dollar was lower against the other major currencies. Also, the Australian dollar fell 0.14 percent against the U.S. dollar, 0.04 percent against the yen, 0.04 percent against the euro and 0.09 percent against the Canadian dollar on Wednesday.
In the Asian trading, the Australian dollar rose to 2-day highs of 0.8587 against the U.S. dollar and 0.9669 against the Canadian dollar, from yesterday's closing quotes of 0.8541 and 0.9609, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.87 against the greenback and 0.97 against the loonie.
Against the yen and the euro, the aussie edged up to 100.85 and 1.456 from yesterday's closing quotes of 100.56 and 1.4622, respectively. On the upside, 102.16 against the yen and 1.43 against the euro are seen as the next resistance level for the aussie.
Looking ahead, German unemployment data for November, Eurozone M3 money supply data for October,economic sentiment index for November and GfK consumer sentiment index for December are due to be released in the European session.
In the New York session, German preliminary CPI data for November and Canadian current account data for third quarter are due to be released.
U.S. financial markets are closed in observance of Thanksgiving day holiday.
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