Investing.com - The Australian dollar rose slightly against its
U.S. counterpart during Thursday's Asian session despite news of a
wider-than-expected Australian trade deficit in January.
In Asian trading Thursday, AUD/USD rose 0.03% to 1.0239, indicating
the pair has fallen through support at 1.0249, the low of February
25. The pair should find and resistance at 1.0329, the high of
A report released earlier today showed the nation's trade deficit
widened more than economists expected. The country's trade deficit
widened to AUD1.06 billion in January from AUD688 million in
December. Economists expected a January deficit of AUD500 million.
The trade deficit news comes on the heels of what has been a busy
week for the Aussie. On Wednesday, official data showed that
Australia's GDP rose 0.6% in the fourth quarter, in line with
expectations. The rate of expansion in the third quarter GDP was
revised up to 0.7% from 0.5%.
Earlier in the week, the Reserve Bank of Australia opted to leave
interest rates unchanged at 3%, a move that was widely expected.
The Australian Bureau of Agricultural and Resource Economics and
Sciences said it expects AUD/USD to average 1.04 over the next
year, citing Australia's solid economy. ABARES forecast GDP growth
of 2.8% over the 2013-2014 time frame.
The group said mining investment will remain slack, but consumer
spending and commodities exports should help support the world's
Traders will now turn their attention to monetary policy commentary
from the Bank of Japan, Bank of England and the European Central
Bank due out later today.
Meanwhile, EUR/AUD rose 0.08% to 1.2683 while GBP/AUD fell 0.21% to
1.4643. AUD/JPY declined 0.04% to 96.28. AUD/NZD rose 0.18% to
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