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Forex - AUD/USD higher despite NAB forecast

ForexJun 11, 2013 10:04PM ET
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Investing.com - The Australian dollar traded higher against its U.S. rival during Wednesday’s Asian in what feels like the first time in an eternity despite a less-than-encouraging forecast on the Aussie from National Australia Bank.

In Asian trading Wednesday, AUD/USD rose 0.41% to 0.9466. The pair was likely to find support at 0.9390, the low of October 4, 2011 and resistance at 0.9574, the high of June 7.

The Aussie came under added pressure Tuesday after Goldman Sachs pared its 2013 and 2014 GDP growth forecasts for the world’s 12th-largest economy. Goldman Sachs, the largest Wall Street investment bank, said it believes Australia’s economy will grow 2% this year, well below the previous forecast of 2.4% growth.

Goldman said the Australian economy will grow 1.9% next year, well below the bank’s original estimate of growth of 2.7%.

Goldman said it sees AUD/USD trading to 0.8500 within a year. That is down from the bank’s previous forecast of 0.9000 though Goldman has previously said an extreme scenario, the Aussie could fall as low as 80 cents against the greenback.

Earlier Wednesday, National Australia Bank said it expects the Aussie will fall below 93 cents against the greenback this year and 87 cents next year. NAB’s forecast comes a day after the Aussie fell to a 33-month low against the greenback.

Elsewhere, AUD/JPY jumped 0.86% to 91.40 after a report showed Japanese core machinery orders fell 8.8% in April. Economists expected a decrease of 8.2%. Unadjusted core orders also fell 1.1% on a year-over-year basis. Machinery orders are considered to be an important sign of capital investment.

Separately, the Bank of Japan said that Japan’s Corporate Goods Price Index rose 0.6% last month following a flat reading in April. Analysts had expected the 0.6% increase.

AUD/NZD inched up 0.08% to 1.1989.


Forex - AUD/USD higher despite NAB forecast
 

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