Aussie Rises On Upbeat Jobs Data
April 15 2015 - 11:35PM
RTTF2
The Australian dollar strengthened against the other major
currencies in the Asian session on Thursday after data showed that
the nation's unemployment rate dropped in March.
Data from the Australian Bureau of Statistics showed that the
unemployment rate in Australia was a seasonally adjusted 6.1
percent in March. That beat forecasts for 6.3 percent, which would
have been unchanged from the February reading.
The Australian economy added 37,700 jobs in March - also beating
expectations for an addition of 15,000 jobs, following the gain of
15,600 jobs in the previous month.
Traders also see a reduced chance of rate cut at the Reserve
Bank of Australia's May meeting.
In other economic news, data from the statistical agency showed
that the total number of new motor vehicle sales in Australia was
up a seasonally adjusted 0.5 percent on month in March, standing at
96,158. That follows the 2.9 percent increase in February.
Meanwhile, the Australian stock markets traded higher, tracking
the positive lead from Wall Street overnight and higher commodity
prices. The Australian benchmark S&P/ASX 200 index was rising
38.10 points or 0.64 percent at 5,946. The broader All Ordinaries
index was also up 38.50 points or 0.66 percent at 5,915.
Wednesday, the Australian dollar showed mixed trading against
the other major currencies. While, the Australian dollar rose
against the U.S. dollar and the yen, it held steady against the
euro. Against the New Zealand and the Canadian dollars, the aussie
fell. In the Asian trading today, the Australian dollar rose to a
1-month high of 1.3778 against the euro, from yesterday's closing
value of 1.3903. The aussie may test resistance near the 1.36
area.
Against the U.S. and the New Zealand dollars, the aussie climbed
to nearly a 3-week high of 0.7781 and a 2-week high of 1.0221 from
yesterday's closing quotes of 0.7674 and 1.0101, respectively. If
the aussie extends its uptrend, it is likely to find resistance
around 0.79 against the greenback and 1.04 against the kiwi.
The aussie advanced to a 6-day high of 92.46 against the yen,
from yesterday's closing value of 91.45. On the upside, 94.80 is
seen as the next resistance level for the aussie.
Against the Canadian dollar, the aussie edged up to 0.9542 from
yesterday's closing value of 0.9434. The aussie is likely to find
resistance around the 0.95 area.
Looking ahead, Swiss producer and import prices for March is due
to be released at 3:15 am ET.
In the New York session, U.S. building permits and housing
starts - both for March, U.S. weekly jobless claims for the week
ended April 11 and Reserve Bank of Philadephia's manufacturing
index for April are slated for release.
At 1:00 am ET, Federal Reserve Bank of Atlanta President Dennis
Lockhart will deliver a speech about the US economic outlook and
monetary policy at the Palm Beach County Convention Center.
After 10 minutes, Federal Reserve Bank of Cleveland President
Loretta Mester will speak on the economy before the Forecasters
Club of New York. Subsequently, Federal Reserve Bank of Boston
President Eric Rosengren participates in "The U.S. Economic Outlook
and Implications for Monetary Policy" event hosted by Chatham House
in London at 1:30 pm ET.
At 3:00 pm ET, Federal Reserve Governor Stanley Fischer will
participate in a panel discussion titled "The Elusive Pursuit of
Inflation" at the International Monetary Fund Spring Meetings in
Washington DC at 3:00 pm ET.
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