Australian Dollar Climbs After Strong China Data
13 Marzo 2018 - 9:17PM
RTTF2
The Australian dollar strengthened against its major opponents
in the Asian session on Wednesday, after a raft of encouraging
Chinese data on retail sales, industrial production and fixed-asset
investment at the start of the year.
Official data from the National Bureau of Statistics showed that
China's industrial production increased at a faster-than-expected
pace in the first two months of the year.
Industrial output climbed 7.2 percent in the January to February
period from a year ago, faster than the 6.2 percent rise in
December. That was also above the 6.6 percent increase economists
had forecast.
During the first two months of 2018, retail sales surged 9.7
percent as compared to the same period of last year. In December,
the rate of growth was 9.4 percent.
The statistical office also revealed that fixed asset investment
grew 7.9 percent annually in the January to February period. It was
forecast to increase by 7.0 percent.
That said, overnight news that the U.S. President Donald Trump
had fired Secretary of State Rex Tillerson kept underlying
sentiment cautious. News that U.S. is seeking to impose tariffs on
up to $60 billion of Chinese imports also weighed on the
markets.
The aussie recovered to 1.0740 against the kiwi, from a weekly
low of 1.0703 hit at 5:30 pm ET. The aussie is seen finding
resistance around the 1.10 level.
The aussie that closed Tuesday's trading at 0.7859 against the
greenback climbed to 0.7879. If the aussie rises further, 0.80 is
likely seen as its next resistance level.
The aussie edged up to 1.5745 against the euro, off its early
low of 1.5783. The aussie is poised to find resistance around the
1.54 level.
The aussie was trading in a positive territory against the
loonie with the pair trading at 1.0194. On the upside, 1.03 is seen
as the next resistance level for the aussie.
The aussie reversed from its early low of 83.57 against the yen
with the pair trading at 83.87. The next possible resistance for
the aussie is seen around the 85.00 level.
Minutes from the Bank of Japan's January 22-23 meeting showed
that members of the monetary policy board said that the country's
economic growth is continuing at a satisfactory rate.
The members added that exports were on a rising trend, which was
helping to fuel the recovery.
Looking ahead, German final CPI for February, Eurozone
industrial production for January and employment for the fourth
quarter are due in the European session.
U.S. retail sales and producer prices for February, as well as
business inventories for January are scheduled for release in the
New York session.
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