Australian Dollar Strengthens After Strong Inflation Data
28 Enero 2020 - 8:53PM
RTTF2
The Australian dollar appreciated against its major counterparts
in the Asian session on Wednesday, as a data showed that the
nation's consumer inflation beat expectations on year in the fourth
quarter.
Data from the Australian Bureau of Statistics showed that
inflation gained 1.8 percent on an annual basis.
That topped forecasts for 1.7 percent, which would have been
unchanged from the Q3 reading.
Consumer prices advanced 0.7 percent on quarter in the fourth
quarter of 2019. That beat expectations for a gain of 0.6 percent
and was up from 0.5 percent in the three months prior.
Asian stock markets were mostly higher following the overnight
rebound on Wall Street. Nevertheless, investors remained cautious
as they kept an eye on developments related to the coronavirus
outbreak in China. According to Chinese health officials, the
coronavirus outbreak has killed 132 people and infected 5,974
people.
The aussie climbed to 2-day highs of 0.6777 against the
greenback and 74.01 against the yen, from its early lows of 0.6755
and 73.69, respectively. The next possible resistance for the
aussie is seen around 0.71 against the greenback and 76.5 against
the yen.
The aussie rose to a 2-day high of 1.6250 against the euro and a
6-day high of 1.0370 against the kiwi, off its early low of 1.6315
and a 2-day low of 1.0315, respectively. On the upside, 1.60 and
1.05 are likely seen as the next resistance levels for the aussie
against the euro and the kiwi, respectively.
Reversing from its early low of 0.8891 against the loonie, the
aussie edged up to 0.8919. If the aussie rises further, 0.91 is
seen as its next resistance level.
Looking ahead, Swiss economic sentiment index for January and
Eurozone money supply for December are scheduled for release in the
European session.
U.S. wholesale inventories, advance goods trade data and pending
home sales for December are due in the New York session.
The Federal Reserve announces its interest rate decision at 2:00
pm ET. Economists widely expect the central bank to keep benchmark
rate in a range of 1.50 percent to 1.75 percent.
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