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Forex - AUD/USD boosted by data points

Published 11/03/2013, 10:08 PM
Investing.com - The Australian dollar traded higher against its U.S. rival during Monday’s Asian session after getting a lift from some encouraging data points.

In Asian trading Monday, AUD/USD jumped 0.44% to 0.9479. After falling 1.54% last week, the pair is likely to find support at 0.9390, the low from October 10 and resistance at 0.9526, the high from October 31.

The Aussie climbed after the Australian Bureau of Statistics said retail sales there rose 0.8% last month after a September gain of 0.5%. The September number was revised up from growth of 0.4%. Analysts expected an October increase of 0.4%.

In a separate report, the Bureau of Statistics said that Australia’s home price index rose 1.9% in third quarter following a 2.7% gain in the second quarter. The second-quarter reading was revised up from 2.4%. Analysts expected a third-quarter increase of 2.1%.

The Aussie was also supported by a Chinese data point. China’s National Bureau of Statistics and China Federation of Logistics and Purchasing said Sunday that the country’s non-manufacturing sector PMI rose to 56.3 in October from 55.4 in September.

That data come on the heels of two impressive readings of Chinese manufacturing data last week. Readings above 50 indicate expansion. China, the world’s second-largest economy, is Australia’s largest trading partner.

On Tuesday, the Reserve Bank of Australia’s makes another interest rate decision though most traders expect RBA to keep rates at the record low of 2.5%.

Elsewhere, AUD/NZD rose 0.41% to 1.1474 while GBP/AUD dropped 0.52% to 1.6794.

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