Forex: AUD/USD Stable on Positive Australian Data

on Jun 19, 2013

The Australian dollar has tumbled 10 percent in the past three months, posting the biggest decline among 10 developed-market currencies.

During today’s Asian session AUD/USD remained below the levels recorded in the past three days, hitting session low at 0.9432. Following the release of upbeat Australian economic updates today, the quote has remained quite stable and has hit a high at 0.9516, up 84 pips to this point.
The Australian Conference Board released its leading index at 01:00 BST today, showing a 0.3 percent rise in April after March’s 0.1 percent gain. The index is used to forecast short to mid-term growth in Australia’s economy. The Conference Board considers eight indicators in the index calculation: money supply, share prices, rural goods exports, building approvals, sales to inventories ratio, gross operating surplus, yield spread and medium-term government bond yields.

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Another report, released at 01:30 BST, showed that Westpac – Melbourne Institute’s Leading Index rose 0.6 percent m/m in April following a 0.1 percent rise in the prior month. Westpac’s senior economist Matthew Hassan observed: “The July RBA meeting is ‘live’ but on balance we expect the next move on rates will be a 25bp cut in August following the quarterly CPI update with two further 25bp reductions in Q4 and Q1.”


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