Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Forex - Australian dollar up ahead of Westpac survey, China price data

Published 07/08/2014, 07:06 PM
Updated 07/08/2014, 07:09 PM
Australian dollar higher

Investing.com - The Australian dollar gained ahead of a domestic business survey and price data in key export destination China in early Asia on Wednesday.

AUD/USD traded at 0.9406, up 0.06%, while USD/JPY traded at 101.52, down 0.06%.

In Australia, the July Westpac-MI consumer sentiment is due at 1030 Sydney time (0030 GMT). Expectation is for a steady or a slightly improved index from 93.2 in June.

Then China is due to announce June CPI and PPI data at 0930 Beijing time (0130 GMT). The CPI is expected to have risen 2.4% year-on-year in June. The PPI is expected to have dropped 1.0% year-on-year in June, which would mark the 28th straight month of deflation but also be the best showing since April 2012.

Overnight, the dollar traded largely lower against most major currencies as investors avoided the greenback ahead of the release of the Federal Reserve's June policy meeting minutes on Wednesday.

Many were hoping the document would contain language indicating when interest rates may begin rising in the U.S. and avoided the greenback ahead of time.

While the labor market has shown some signs of improvement, markets remain unclear as to how much time will pass from when the Fed will wrap up stimulus programs and when it will begin hiking benchmark interest rates.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was flat at 80.23.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.