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COZfx: AUD/USD fell over 1% on Australia GDP

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COZfx: AUD/USD fell over 1% on Australia GDP

Postby dwang » Thu Dec 05, 2013 7:20 am

COZforex: The Australian dollar dropped over 1% on Wednesday, to trade near 3 months lows after the release of disappointing economic growth data out of Australia, while expectations for the Federal Reserve to soon begin tapering its stimulus program supported the greenback.

AUD/USD hit 0.9033 amid late Asian trade, the pair's lowest since September 3; the pair subsequently consolidated at 0.9038, tumbling 1.07%. COZforex foreign currency senior currency strategist, Paul Chew said, AUD/USD is predicted to find support at 0.9026, and a decline through could take it to the next support line of 0.8983. Meanwhile, the pair is predicted to find its first resistance at 0.9130, and a rise through could take it to the next resistance line of 0.9191.

Official data showed that Australia's gross domestic product rise 0.6% in the third quarter, less than the expected 0.8% expansion, after an upwardly revised 0.7% rise in the three months to June. On a yearly basis, Australia's economy grew 2.3%, compared to expectations for a 2.6% expansion.

Meanwhile, the greenback remained supported after the Institute for Supply Management said Monday that manufacturing activity in the US expanded at the fastest rate since April 2011 in November, fuelling optimism over the economic recovery.

Later in the day, the US was to release the ADP report on private sector job creation, as well as data on new home sales and the trade balance. In addition, the Institute of Supply Management was to release its services PMI.


(COZ forex UK)
dwang
 
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