Australian Dollar Advances As Asian Stock Markets Trade Higher
11 Luglio 2017 - 5:17AM
RTTF2
The Australian dollar strengthened against other major
currencies in the Asian session on Tuesday, as Asian stock markets
traded higher following the mostly positive cues overnight from
Wall Street.
Investors are awaiting the start of the U.S. corporate earnings
season and Federal Reserve Chair Janet Yellen's semi-annual
testimony before Congress later in the week. The testimony will be
closely scrutinized for clues about when the Fed will again raise
interest rates.
Crude oil delivery for August is currently up by 0.11 percent or
$44.51 per barrel. The crude oil prices rose as traders bet
significant recent losses were overdone in the aftermath of last
week's U.S. stockpiles drawdown.
There are some indications that U.S. production has slowed after
robust output earlier in the year. The U.S. rig count fell slightly
two weeks ago, and inventories at the Cushing facilities have
dwindled from record highs.
On the economic front, the Australian Bureau of Statistics said
that the total number of home loans in Australia gained a
seasonally adjusted 1.0 percent on month in May, standing at
54,061. That missed forecasts for 1.5 percent following the 1.9
percent decline in April.
The latest survey from the National Australia Bank revealed that
business confidence in Australia saw a marginal improvement in
June, with an index score of +9. That's up from +8 in May, and it
moves further into positive territory and the realm of
optimism.
Monday, the Australian dollar showed mixed trading against its
major rivals. While the aussie rose against the yen and the NZ
dollar, it held steady against the U.S. dollar, the euro and the
Canadian dollar.
In the Asian trading, the Australian dollar rose to nearly a
4-month high of 87.13 against the yen and a 5-day high of 1.4949
against the euro, from yesterday's closing quotes of 86.74 and
1.4984, respectively. If the aussie extends its uptrend, it is
likely to find resistance around 88.00 against the yen and 1.47
against the euro.
Against the U.S. and the Canadian dollars, the aussie advanced
to 4-day highs of 0.7621 and 0.9829 from yesterday's closing quotes
of 0.7607 and 0.9804, respectively. The aussie may test resistance
near 0.78 against the greenback and 1.00 against the loonie.
The aussie climbed to a 1-week high of 1.0537 against the NZ
dollar, from yesterday's closing value of 1.0454. On the upside,
1.06 is seen as the next resistance level for the aussie.
Looking ahead, Bank of England Chief Economist Andy Haldane is
expected to participate in a panel discussion at the 'Essentials of
Numeracy' launch event, in London at 6:00 am ET.
At 7:00 am ET, Bank of England Deputy Governor Ben Broadbent is
expected to speak at the Scottish Council for Development and
Industry, in Aberdeen, Scotland.
At 8:00 am ET, European Central Bank Board member Benoit Coeure
gives opening remarks at the FX Contact Group meeting in
Frankfurt.
In the New York session, U.S. NFIB small business index, Canada
housing starts and U.S. wholesale inventories, all for June, are
slated for release.
At 12:20 pm ET, Federal Reserve Bank of Minneapolis President
Neel Kashkari will participate in a Town Hall question-and-answer
session moderated by Bremer Bank CEO Jeanne Crain in
Minneapolis.
At 12:30 pm ET, Federal Reserve Governor Lael Brainard is
expected to speak about normalizing central banks' balance sheets
at a conference jointly sponsored by Columbia University and the
Federal Reserve Bank of New York.
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