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Forex - AUD/USD rises after Australian data, Fed minutes

Published 05/21/2015, 02:53 AM
Updated 05/21/2015, 02:53 AM
Aussie gains ground vs. weaker greenback after Fed minutes

Aussie gains ground vs. weaker greenback after Fed minutes

Investing.com - The Australian dollar rose against its U.S. counterpart on Thursday, after data showed that inflation expectations for Australia ticked higher last month and as the minutes of the Federal Reserve's latest policy statement dampened demand for the greenback.

AUD/USD hit 0.7914 during late Asian trade, the session high; the pair subsequently consolidated at 0.7899, rising 0.32%.

The pair was likely to find support at 0.7800, the low of May 1 and resistance at 0.8004, the high of May 12.

The Melbourne Institute earlier reported that its inflation expectations for the next 12 months ticked up to 3.6% in April from 3.4% the previous month.

Elsewhere, data showed that China's HSBC Flash Manufacturing Purchasing Managers' Index rose to 49.1 this month from 48.9 in April, compared to expectations for an increase to 49.3.

China is Australia's biggest export partner.

The greenback weakened after the Fed's April meeting minutes showed that the timing of a rate hike "would depend on the evolution of economic conditions and the outlook".

The Fed also brushed aside the U.S. economy's fragile start in 2015, attributing the lack of growth to "transitory" factors that will abate soon.

The Aussie was higher against the euro, with EUR/AUD slipping 0.22% to 1.4056.

Later in the day, the U.S. was to release a string of reports including initial jobless claims, existing home sales and a look at manufacturing activity in the Philadelphia region.

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