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Forex - Australian dollar down slightly ahead of Q1 GDP data

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Investing.com -

Investing.com - The Australian dollar was mildly weaker on Wednesday ahead of first quarter GDP and other data.

AUD/USD traded at 0.9264, down 0.02%.

Kicking off the data front will be the Australian AIG Group's Services Index for May at 0930 AEST (2330 GMT), which produced a 48.6 reading in April.

Australia's first quarter GDP data is due at 1130 Sydney time (0130 GMT), with a 1.0% gain expected.

The Reserve Bank of Australia's Tony Richards, head of Payments Policy Department and Luci Ellis, head of Financial Stability Department are scheduled to speak at 0910 and 1800 local time respectively (2310 and 0800 GMT).

In Japan, some minor data in the Markit Japan Services PMI for May is released at 0135 GMT (1035 Tokyo). April's reading was 46.4.

Overnight, the dollar remained broadly lower against the other major currencies, despite the release of strong U.S. factory orders data, as investors eyed the European Central Bank's policy meeting scheduled later in the week.

Official data showed that U.S. factory orders rose 0.7% in April, beating expectations for a 0.5% gain, after an upwardly revised 1.5% increase in March.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.10% to 80.57.

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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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