Shutterstock photo
Markets

Forex - AUD/USD rises after Australia inflation data, China PMI

Shutterstock photo

Shutterstock photo

Investing.com - " The Australian dollar rose against its U.S. counterpart on Friday, after the release of higher-than-expected inflation data out of Australia and an upbeat Chinese manufacturing report, although recent U.S. economic reports continued to support demand for the greenback.

AUD/USD hit 0.9490 during late Asian trade, the session high; the pair subsequently consolidated at 0.9489, rising 0.38%.

The pair was likely to find support at 0.9435, the low of October 14 and resistance at 0.9547, the high of October 29.

Official data earlier showed that producer price inflation in Australia rose 1.3% in the third quarter, exceeding expectations for a 0.7% uptick, after a 0.1% rise in the three months to June.

Separately, China's official purchasing managers' index released earlier in the day rose to 51.4 in Octoer, the highest in 18 months, from 51.1 in September.

China is Australia's biggest export partner.

Meanwhile, the greenback remained supported as a recent series of positive U.S. data added to expectations for the Federal Reserve to begin tapering its stimulus program sooner than expected.

On Thursday, data showed that manufacturing activity in the Chicago region expanded at the fastest rate in 30 years in October, while a separate report showed that U.S. initial jobless claims fell in line with expectations last week.

The Aussie was higher than the euro with EUR/AUD retreating 0.47%, to hit 1.4297.

Later in the day, the U.S. was to release a report from the Institute of Supply Management on manufacturing activity.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com Stocks & Finance App for Android!

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.

Other Topics

ForEx