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Forex - AUD/USD higher as traders wait on China GDP

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Investing.com - The Australian dollar traded higher against its U.S. counterpart during Monday's Asian session as traders await a reading on China's second-quarter GDP growth.

In Asian trading Monday, AUD/USD rose 0.18% to 0.9068 after hitting 0.8999 on Friday, the pair's lowest since September 1, 2010; the pair subsequently consolidated at 0.9050 by close of trade on Friday, down 1.52% on the day and 0.05% lower for the week.

The pair is likely to find near-term support at 0.8911, the low from September 1, 2010 and resistance at 0.9143, the high from July 8.

Among other factors, the Aussie has been under siege this year because of slack economic growth in China, the world's second-largest economy behind the U.S. Due to China's recent penchant for delivering disappointing economic data, a raft of global banks have revised downward their forecasts for 2013 Chinese GDP growth.

Recently, Macquarie Group slashed its 2013 forecast for Chinese GDP growth to 6.9% from 7.5%, the government target.

In Australia, data has been marginal. Data released Friday showed that home loans rose by 1.8% in May, below expectations for an increase of 2.5%. The report came one day after the government said that Australia's unemployment rate ticked up to 5.7% last month, even though total employment rose by 10,300.

Elsewhere, AUD/JPY jumped 0.26% to 90.06. Japanese markets are closed Monday for a national holiday. AUD/NZD rose 0.06% to 1.1645. Australia and New Zealand both count China as their largest export market.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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