Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Forex - AUD/USD edges lower on downbeat building approvals

Published 07/31/2014, 03:03 AM
Updated 07/31/2014, 03:03 AM
Aussie slips lower vs. greenback on Australian data

Aussie slips lower vs. greenback on Australian data

Investing.com - The Australian dollar edged lower against its U.S. counterpart on Thursday, after the release of downbeat building approvals data from Australia, although the Federal Reserve's recent statement limited the greenback's gains.

AUD/USD hit 0.9307 during early European trade, the session low; the pair subsequently consolidated at 0.9318, slipping 0.13%.

The pair was likely to find support at 0.9258, the low of June 5 and resistance at 0.9388, Wednesday's high.

Official data showed that building approvals in Australia dropped 5.0% last month, compared to expectations for a 2.0% decline. Building approvals for May were revised to an increase of 10.3% from a previously estimated 9.9% rise.

A separate report showed that Australia's import prices fell 3.0% in the second quarter, after a 3.2% rise in the three months to April. Analysts had expected import prices to drop 1.3% in the last quarter.

On Wednesday, the Fed’s latest rate statement said that considerable slack still remains in the labor market, despite the recent improvement in jobs growth, and that rates will remain on hold for longer.

The central bank also said inflation is rising and was moving closer to its long-term target.

The dollar had strengthened broadly after official data showed that U.S. gross domestic product expanded at an annual rate of 4.0% in the three months to June, outstripping forecasts of 3.0%.

The Aussie was lower against the euro, with EUR/AUD adding 0.08% to 1.4369.

Later in the day, the U.S. was to release the weekly report on initial jobless claims, as well as data on manufacturing activity in the Chicago area.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.