Investing.com - " The Australian dollar traded higher against
its U.S counterpart during Thursday's Asian session following some
decent economic data out of China.
In Asian trading Thursday, AUD/USD rose 0.38% to 0.9660. The pair
was likely to find support at 0.9528, the low of October 17 and
resistance at 0.9756. That still puts the Aussie in the area of
five-month highs against the greenback.
Earlier Thursday, the HSBC China flash PMI climbed to a seven-month
high of 50.9 in October. The HSBC final PMI reading for September
was 50.2, well below the flash estimate of 51.2. China, the world's
second-largest economy, is Australia's largest export market.
The flash PMI reading for October "implies that China's growth
recovery is becoming consolidated into 4Q following the bottoming
out in 3Q. This momentum is likely to continue in the coming
months, creating favorable conditions for speeding up structural
reforms," according to HSBC.
Output, new orders and new export orders all increased at faster
clips, but the employment index fell. Input and output prices rose,
but at slower rates.
On Wednesday in Australia, official data showed that consumer price
inflation rose by 1.2% in the third quarter, exceeding expectations
for a 0.8% increase, after a 0.4% rise in the three months to June.
Trimmed mean consumer price inflation, which excludes the most
volatile 30% of items, rose 0.7% in the September quarter, more
than the expected 0.6% uptick, after an upwardly revised 0.6%
increase in the second quarter.
In a separate report, the Conference Board said its leading index
for Australia fell 0.2% in August, after a 0.3% rise the previous
Elsewhere, AUD/JPY added 0.37% to 94.07 while AUD/NZD fell 0.13% to
offers an extensive set of professional tools for the financial
Read more News on Investing.com and download the new Investing.com
Stocks & Finance App