Australian Dollar Rises As China GDP Matches Expectations
July 15 2013 - 12:00AM
RTTF2
The Australian dollar advanced against other major currencies in
the Asian session on Monday, as a report showed that China's second
quarter GDP grew in line with economists forecast.
China's gross domestic product expanded 7.5 percent on year in
the second quarter of 2013, the government said today - matching
forecasts and slowing from 7.7 in the previous quarter.
On a quarterly basis, GDP added 1.7 percent - missing
expectations for 1.8 percent but up from 1.6 percent in Q1.
Also, China's retail sales jumped an annual 13.3 percent,
beating expectations for a 12.9 percent increase - which would have
been unchanged from the previous month.
Australia has trade relations with China and a fairly good data
from that country will boost former's economic prospectus.
Data from the Australian Bureau of Statistics showed that the
total number of new motor vehicle sales in Australia was up a
seasonally adjusted 4.0 percent on month in June, standing at
97,687.
That follows the flat reading in May.
The aussie gained to 0.9108 against the greenback, up 1.2
percent from Friday's low of 0.8999 in nearly 3 years. The aussie
may face resistance around the 0.92 area.
The aussie appreciated to 90.37 against the yen, reversing from
more than a 2-week low of 89.61 reached last week. On the upside,
the aussie may probably test resistance around the 91.00 level.
The aussie climbed to 1.4344 against the euro, moving away from
almost a 3-year low of 1.4478 reached on Friday. If the aussie
extends gain, it may find next upside target around the 1.426
level. The aussie rose to 0.9464 against the loonie and 1.1667
against the kiwi, rebounding from multi-year lows of 0.9353 and
1.1586, respectively hit last week. The next resistance for the
aussie lies around 0.96 against the loonie and 1.18 against the
kiwi.
An index measuring the services sector in New Zealand came in
with a score of 55.0 in July, Business New Zealand said today.
That's down from the six-year high of 56.0 in June, but it's
still well above the boom-or-bust score of 50 that separates
expansion from contraction.
The U.S. retail sales for June and business inventories for May
and Canada existing home sales for June are due in the New York
session.
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