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Forex - Australian dollar flat ahead of Q4 CPI, eyes on Fed

Published 01/27/2015, 05:32 PM
Updated 01/27/2015, 05:33 PM
Aussie dollar flat

Aussie dollar flat

Investing.com - The Australian dollar was flat to weaker Wednesday in Asia ahead of consumer priced data for the last quarter of 2014 with investors also focused on the latest upcoming Federal Reserve statement on monetary policy.

AUD/USD traded at 0.7936, flat, while USD/JPY changed hands at 117.82, down 0.02%.

Australia reports fourth quarter CPI, with quarter-on-quarter data seen up 0.3% for a year-on-year figure of 1.8%, well below the Reserve Bank of Australia's 2% to 3% inflation target.

Ahead of that, Westpac-MI publishes the leading index for December. The leading index has been pointing toward
sub-trend growth heading into 2015 and the same is expected in the latest index.

Overnight, the dollar extended losses against the other major currencies on Tuesday, after the release of mixed U.S. economic reports, as investors turned their attention to the Federal Reserve's upcoming policy statement on Wednesday.

The Conference Board said its index of U.S. consumer confidence improved to an eight-year high of 102.9 this month from a reading of 93.1 in December, whose figure was revised up from a previously reported 92.6.

Analysts expected the index to increase to 95.1 in January.

Separately, the U.S. Commerce Department reported that new home sales climbed by 11.6% to 481,000 units last month, above expectations for 450,000. New home sales in November were revised down to 431,000 units from a previously reported 438,000 units.

Data released earlier in the day showed that total U.S. durable goods orders dropped 3.4% last month, compared to expectations for a gain of 0.5%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.04% to 94.23.

The single currency hit 11-year lows against the dollar on Monday in the wake of a sweeping election victory for the anti-austerity Syriza party in Greece.

However, the euro stabilized as the currency’s steep losses prompted investors to take profits on bearish euro positions.

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