Investing.com - " The Australian dollar traded higher against
its U.S. counterpart during Thursday's after the Federal Reserve
did little to shock markets and following a spate of Australian
In Asian trading Thursday, AUD/USD rose 0.22% to 0.9505. The pair
was likely to find support at 0.9435, the low of October 14 and
resistance at 0.9623, Monday's high.
Earlier Wednesday, the Australian Bureau of Statistics said that
Australian building approvals rose 14.4% last week after falling
1.6% in the previous week. Analysts expected the number to rise
2.7% last week. The prior week's reading was revised up from a drop
In a separate report, the Reserve Bank of Australia said Australian
private sector credit rose 0.3% in September, the same increase
seen in August. Analysts expected a September increase of 0.4%.
The Statistics Bureau also Australia's import producer prices
jumped 6.1% last month after falling 0.3% in August. Analysts
expected a September rise 0.4%.
The Aussie may also be getting some support because the Fed gave no
indication regarding when tapering of its USD85 billion-per-month
bond-buying program could commence. Easing programs are seen as
beneficial to riskier currencies such as the Aussie.
"Economic activity has continued to expand at a moderate pace.
Indicators of labor market conditions have shown some further
improvement, but the unemployment rate remains elevated," the Fed
said in a statement.
"Available data suggest that household spending and business fixed
investment advanced, while the recovery in the housing sector
slowed somewhat in recent months. Fiscal policy is restraining
Elsewhere, AUD/JPY rose 0.07% to 93.50 after the Japanese Ministry
of Health, Labour and Welfare said that Japan's average cash
earnings rose 0.1% in the third quarter following 0.9% drop in the
prior quarter. The second-quarter reading was revised down from a
drop 0.6%. Analysts expected a third-quarter drop of 0.5%.
EUR/AUD fell 0.21% to 1.4454.
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