Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Forex - Aussie gains in early Asia ahead of China PMIs

ForexMay 30, 2017 04:31PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Aussie up in Asia

Investing.com - The Aussie was higher in early Asia on Wednesday with the market awaiting manufacturing data from China.

AUD/USD was last quoted up 0.35% to 0.7465 ahead of the China PMI manufacturing figures. Australia's economy is closely dependent on commodity exports to China.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted down 0.14% to 97.19 by 13:23 EDT.

USD/JPY changed hands at 110.79, down 0.42%.

Ahead, Japan reports provisional industrial production for April with a gain of 4.3% seen month-on-month. China reports the official manufacturing PMI for May with a level of 51.0 seen, a dip from 51.2 in April. The non-manufacturing PMI is also due with a level last at 54.0 in April. A figure above 50 denotes expansion. The private manufacturing PMI from Caixin is due on Thursday.

Australia reports private sector credit for April with a gain of 0.4% seen.

Overnight, the dollar fell against a basket of major basket currencies, as investors mulled over the prospective of a rebound in U.S. economic growth in the second-quarter amid a dip in consumer confidence.

Investors mulled over a mixed bag of economic data released on Tuesday, as consumer confidence dipped in April while consumer spending recorded its biggest increase in four months.

The Commerce Department said that consumer spending, which accounts for roughly 70% of U.S. economic activity, rose 0.4%, in line with economists’ forecasts.
The Consumer Confidence Index fell to 117.9, which was below expectations of a rise to 119.8.

Losses in the greenback were capped, however, as investor expectations that the Federal Reserve will hike interest rates in June remained elevated.

According to investing.com’s Fed rate monitor tool over 80% of traders expect the Fed to hike its benchmark rate in June from 0.75-1% to 1-1.25%.

The dollar has failed to recover from its slump in recent weeks, wiping out all of its gains since Donald Trump was elected U.S. president, as investors feared that recent political scandals engulfing President Trump would delay the president's introduction of pro-growth economic agenda, which includes tax reform, deregulation and infrastructure spending.

European Central Bank chief Mario Draghi reiterated that accommodative monetary policy remains necessary despite an uptick in inflation and economic growth.

“For domestic price pressures to strengthen, we still need very accommodative financing conditions, which are themselves dependent on a fairly substantial amount of monetary accommodation.” Draghi said.

Forex - Aussie gains in early Asia ahead of China PMIs
 

Related Articles

Dollar Edges Lower; Michigan Sentiment in Focus
Dollar Edges Lower; Michigan Sentiment in Focus By Investing.com - Sep 17, 2021

By Peter Nurse Investing.com - The dollar edged lower in early European trade Friday, but remained near a three-week high after strong U.S. economic data shifted tapering...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email